Renewable energy continues to reshape power systems worldwide, particularly in regions where traditional infrastructure is unreliable or absent. In this space, Odyssey Energy Solutions has emerged as a key player, securing $5.34 million in seed funding to enhance its platform for renewable energy projects in developing economies. The round was led by Equal Ventures, with participation from Twelve Below, Abstract Ventures, Founder Collective, and MCJ Collective.
Addressing Barriers to Distributed Renewable Energy
Founded to tackle the inefficiencies in developing renewable energy portfolios, Odyssey focuses on standardizing project preparation and financing processes. CEO Emily McAteer conceived the idea during her tenure at SunEdison’s Frontier Power, where she observed the challenges of scaling small, distributed energy projects.“It’s entirely different to finance a portfolio of smaller assets compared to large-scale infrastructure,” McAteer explained. “Standardization and data are critical to building investor confidence and streamlining these processes.”
A Comprehensive Platform for Energy Development
Odyssey’s platform connects stakeholders across the energy value chain, including investors, developers, suppliers, and communities. It offers tools for project planning, financing, procurement, and operational management. The company has already facilitated over $1 billion in financing for renewable energy projects and runs a procurement platform that reduces costs for equipment like solar panels and inverters.To enhance operational efficiency, Odyssey acquired German startup Ferntech last year, adding remote monitoring and grid management capabilities to its offerings. This integration allows for better oversight and data collection across distributed renewable energy projects.
Expansion Across Africa and Beyond
Odyssey’s primary focus is on mini- and microgrid projects in Africa, with operations in over 50 countries. These grids address diverse needs, from providing backup power to shopping malls to electrifying underserved rural communities. The company also collaborates with governments to implement hybrid grid solutions, blending centralized and distributed systems to deliver reliable and cost-effective power.A growing example of this model is Nigeria’s interconnected minigrid market, where private developers and distribution companies work together to expand access to electricity. McAteer believes such hybrid systems could redefine energy infrastructure globally.
Potential for Global Impact
The demand for power is projected to grow 30% by 2030, with the minigrid market alone valued at $220 billion, according to the World Bank. Odyssey is positioned to capitalize on this growth, leveraging its scalable platform to meet the increasing need for renewable energy.“The line between off-grid and grid-connected systems is blurring,” McAteer noted. “Distributed renewables will play a pivotal role in meeting the world’s energy needs, offering an enormous market opportunity.”By fostering innovation and collaboration, Odyssey is paving the way for a future where renewable energy is accessible to even the most remote and underserved communities.
