Ojjo, a supplier of next-generation photo voltaic foundations, has closed a $40 million Sequence C funding spherical led by NGP ETP, the power transition investing platform of NGP, with Ajax Strategies additionally collaborating. As well as, James Wallis, companion at NGP, has joined Ojjo’s board of administrators.
The brand new funding will speed up Ojjo’s progress and execution on its 9 GW energetic challenge pipeline. Ojjo’s patented Earth Truss System provides a quick and environment friendly technique of securing floor mount photo voltaic techniques. The corporate’s system has been contracted or constructed in over 1.6 GW of photo voltaic tasks to this point, together with on the nation’s largest standalone photo voltaic and storage challenge, Gemini Photo voltaic. Ojjo has beforehand raised a complete of $27 million throughout two prior funding rounds, with participation from Cthulhu Ventures and different traders.
“We’re thrilled to welcome our traders, NGP ETP and Ajax, who’ve lengthy shared Ojjo’s imaginative and prescient for accelerating the rising and vibrant photo voltaic business,” says Mike Miskovsky, chairman and CEO of Ojjo. “For too lengthy, our business has needed to make do with pile foundations that have been by no means designed for photo voltaic functions – typically leading to avoidable challenge prices and labor inefficiencies. As we enter the period of TW-scale photo voltaic, our business will more and more require optimized, solar-specific mounting and set up {hardware}. This funding is the essential subsequent step to scaling Ojjo’s progressive know-how and rushing the nation’s transition to photo voltaic.”
“Photo voltaic foundations signify a significant untapped alternative within the business. We consider that Ojjo’s skilled group is completely positioned to ship innovation, automation, and price financial savings at a time when the business wants it most,” states James Wallis, companion at NGP. “NGP’s intensive portfolio and deep experience – spanning each conventional oil and gasoline in addition to power transition segments – allowed us to rapidly acknowledge the advantages of Ojjo’s structural design and drilling-process improvements, leading to dramatic reductions in pre-drill and remediation necessities. We’re excited to supply our monetary assist and strategic steering as Ojjo continues to develop and convey worth to this market.”
“We’ve been early supporters of Ojjo’s group and know-how, and our follow-on funding was a pure match for our shared imaginative and prescient of delivering revolutionary options to unravel local weather change,” feedback Matt Rogers, Ajax’s working companion. “The timing couldn’t be higher for photo voltaic improvements comparable to Ojjo with the passing of the Inflation Discount Act (IRA), which allows constant progress over the subsequent decade for home renewable power manufacturing. Ojjo has all the required capabilities to assist the business scale to take full benefit of this distinctive and well timed alternative.”
“Ojjo’s Earth Truss techniques have been confirmed within the subject on a whole lot of megawatts of tasks, in quite a lot of soil circumstances. It’s clear the business is hungry for applied sciences that may ship project-level price financial savings relative to right now’s commodity choices,” mentions Helena Kimball, president of Ojjo. “Now we have labored arduous to determine the provision chain sophistication, drilling machine fleet uptime, and the sphere assist to make sure our EPC prospects have rewarding experiences putting in Ojjo foundations. We’re grateful to our traders for recognizing Ojjo’s benefit, and for offering us the monetary stability to scale effectively into the long run.”
Ojjo offers its Earth Truss {hardware}, subject engineering providers and automatic Truss Driver machines to photo voltaic builders, EPCs and their basis subcontractors. As well as, Ojjo has partnered with photo voltaic tracker producers to develop streamlined, totally suitable {hardware}, additional decreasing metal componentry and total system prices.
