Cape-based renewable energy company Plentify recently closed a 50% oversubscribed funding round (for an undisclosed amount) from investors and will use the capital to support adoption of its flagship smart energy device, HotBot.
HotBot combines advanced hardware, software, and AI, targeting both corporate and consumer markets.
Plentify acknowledges the challenges in South Africa's power supply, including a strained electricity grid, service delivery disruptions, and rising utility costs. It says its residential load management platform addresses the mismatch between energy demand and clean energy supply, offering significant cost savings compared to batteries.
HotBot’s corporate market includes property companies, body corporates, solar and battery companies, utilities, municipalities, and insurers. For consumers, Plentify offers smart technology that connects to electric or solar geysers, allowing users to intelligently control appliances, draw energy at optimal times and cut their electricity bills.
The company offers HotBot on a subscription basis. Consumers are charged a R200 activation fee and R99 per month. The device and service covers access to the hardware, free installation, and a perpetual warranty for as long as a customer subscribes.
Jon Kornik, co-founder and CEO of Plentify, says: “Whether you’re trying to fix a weak grid like South Africa’s or make the transition to clean energy like every country in the world, the fundamental problem is the same - a mismatch between the timing of energy demand and clean energy supply. Plentify’s residential load management platform addresses this problem, for 75% less than the cost of batteries.”
Kailas Nair, Plentify’s co-founder and chief growth officer, says in 2024, the company has already deployed over three times as many HotBots as in all of 2023. This growth has come in partnership with companies such as Balwin Properties and solar solutions provider Wetility, who are deploying Plentify technology alongside solar and battery systems to deliver the most affordable clean energy, he adds.
Several investors have backed the company, including Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation and Fireball Capital.
Share