US-Based Odyssey Raises $5.34 m to Expand Distributed RE

• The funding was led by Equal Ventures as well as the participating capitalists included Twelve Below, Abstract Ventures, Founder Collective, and MCJ Collective.
• The new funding will certainly be made use of to release new financial products for DRE in emerging markets.

US-based Odyssey Energy Solutions has actually announced that it has raised $5.34 million in new funding led by Equal Ventures, a venture capital investment firm based in New york city,. The getting involved capitalists include Twelve Below, Abstract Ventures, Founder Collective, and also MCJ Collective.

Odyssey offers an end-to-end option to fund, construct and also run distributed energy projects at scale across the globe. Odyssey claims to be a first-of-its-kind platform to unlock substantial scale in renewables in emerging markets.

Odyssey enables designers to plan, finance, build, and also operate distributed renewable energy (DRE) projects at scale with its platform, democratizing accessibility to leading edge modern technology, much better financing and reduced cost devices procurement. Odyssey claimed that it's currently catalyzing greater than $1billion of finance into the DRE market, with greater than 1500 companies using the platform throughout five continents.

Emily McAteer, CEO, Odyssey Energy Solutions, stated, "The DRE market is fragmented, lacking the data as well as standardization needed for large-scale investments. By fixing for core rubbings in one platform, our remedy offers the devices to build investable portfolios and really unlock scale."

The new funding will certainly be utilized to introduce new financial items for DRE in emerging markets focused on infusing much more personal capital into the marketplaces, scale Odyssey's aggregated purchase platform as well as advance remote monitoring, control, and analytics technologies for a wide array of asset types.

"Emerging markets stand for among the most financially and environmentally impactful locations to address the difficulties, but have so far been prevented by access to technology and resources. We are thrilled to companion with this first-class group to speed up the international energy transition in a manner that no person else has done before," claimed Rick Zullo, GM, Equal Ventures.

Odyssey's chief executive officer, Emily McAteer, has more than 15 years of experience in energy administration and DRE as well as founder Cathy Zoi is previous Assistant Secretary for Energy Efficiency as well as Renewable Energy at the U.S. Department of Energy.

Because 2019, Odyssey has introduced a collection of major electrification projects on the platform. Particularly, Odyssey is the platform for the Nigeria Electrification Project (NEP), a $550 million campaign of the Federal government of Nigeria financed by the Globe Bank as well as the African Development Bank.