Amsterdam-based AMMP Technologies has raised €1.15 ($1.36) million to scale up its software solution for renewable energy operators in emerging markets.
The seed round was led by Point Nine Capital, a Berlin-based venture capital firm focused on early-stage internet investments. Other participants are the Africa-focused Raba Partnership and Musha Ventures.
AMMP’s platform, offered as a software as a service (SaaS), is for the real-time operations of distributed renewable and hybrid energy systems.
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“Our customers are already driving the renewable energy transition at an unprecedented pace,” comments Svet Bajlekov, co-founder and CEO. “We are proud to work alongside them, providing them the digital tools to scale faster than ever. In turn, we are excited to be bringing on board the leading investors in the B2B SaaS space, and work with them to realize the potential scale of the opportunity ahead of us.”
The pace at which renewable energy systems are being rolled out is growing rapidly in emerging markets. This is due to the advances and decrease in costs of PV and battery systems.
For instance, in Nigeria as of today, only 10-20% of households can rely on the grid, while the vast majority of the population still uses privately managed diesel generators. However, a new generation of energy service companies have emerged that install, monitor and operate these systems remotely. These can now offer much more reliable energy at prices on par with the centralized utilities.
AMMP’s platform currently enables remote operations for nearly 1,000 renewable energy generation systems. These span 17 countries on four continents, from Colombia, through to Sierra Leone and Kenya, to Myanmar. AMMP supports a wide range of assets, from rural mini-grids with battery storage, to complex megawatt-scale PV-diesel hybrid plants, to telecoms towers.
AMMP expects the new capital will allow it to expand its customer footprint while further developing its suite of solutions. In particular, by adding further vendor integrations and partnerships as well as launching a solution targeted at energy for telecoms infrastructure.
AMMP brings broad experience in the sector. The founders began their work at E.ON Off-Grid Solutions, deploying and operating mini-grids for rural electrification across Africa.