Home Energy company Odyssey Energy Solutions raises $5 million

Odyssey Energy Solutions raises $5 million

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Odyssey Energy Solutions Inc., a Boulder-based renewable energy investment platform, closed a $5.34 million fundraising round following a $7.22 million raise in July.

The investment round was led by Equal Ventures, with participation from Twelve Below, Abstract Ventures, Founder Collective and MCJ Collective.

OES facilitates the financing and development of off-grid distributed energy projects that address rural energy poverty in developing countries.

Distributed renewable energy, or DRE, comes from sources close to the point of electricity use – batteries or solar panels, for example – rather than centralized and often distant sources such as power plants.

“The DRE market is fragmented, lacking the data and standardization necessary for large-scale investments,” OES CEO Emily McAteer said in a statement. “By solving core frictions in a single platform, our solution provides the tools to build investable portfolios and truly unlock scale.”

Odyssey highlights as an example of a project successfully funded through the company’s platform the Nigeria Electrification Project, a $550 million initiative of the Federal Government of Nigeria funded by the World Bank and the African Development Bank .

“We see the energy transition as one of the most important (and most difficult) opportunities of our lifetime. Emerging markets represent one of the most economically and environmentally impactful areas to address challenges, but have so far been hampered by access to technology and capital,” Equal Ventures General Partner Rick Zullo said in a statement. “We are excited to partner with this top-notch team to accelerate the global energy transition in a way no one else has done before.”

In 2020, Odyssey Energy Solutions won the Keeling Curve Prize for Finance, which recognizes companies working to reduce global greenhouse gas emissions.

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