Odyssey Energy Solutions raises $5M
BOULDER — Odyssey Energy Solutions Inc., a Boulder-based renewable-energy investment platform, has closed on a $5.34 million fundraising round that comes on the heels of 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 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 the power’s use — batteries or solar panels, for example — rather than from centralized and often far-away sources such as power plants.
“The DRE market is fragmented, lacking the data and standardization required for large-scale investments,” OES CEO Emily McAteer said in a prepared statement. “By solving for core frictions in one platform, our solution provides the tools to build investable portfolios and truly unlock scale.”
Odyssey touts as an example of a project successfully funded through the company platform the Nigeria Electrification Project, a $550 million initiative of the Federal Government of Nigeria financed by the World Bank and the African Development Bank.
“We see the energy transition as one of the greatest (and most challenging) opportunities of our lifetime. Emerging markets represent one of the most economically and environmentally impactful areas to address the challenges, but have thus far been hindered by access to technology and capital,” Equal Ventures general partner Rick Zullo said in a prepared statement. “We are thrilled to partner with this first-class team to accelerate the global energy transition in a way that no one else has done before.”In 2020, Odyssey Energy Solutions was the winner of the Keeling Curve Prize for finance, which recognizes companies working to reduce global greenhouse-gas emissions.