A South African and US-based climate tech company, Plentify raises funding to fuel its growth from North American and African venture investors in South Africa and internationally.
The smart energy company makes affordable, reliable and clean electricity a reality for everyone by fusing advanced hardware, artificial intelligence and user-centric design to create smart home products that delight our customers and strengthen electricity systems for everyone.
According to Jon Kornik, Co-Founder and CEO of Plentify, “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,” says.
What their product, HotBot does
Plentify’s flagship product, HotBot, connects to electric water heaters, optimising energy use and contributing to a virtual power plant that shifts energy use from peak, costly times to periods when renewable energy is abundant. These helps appliances draw energy at optimal times hence leading to major savings on energy bills through efficiency gains.
“Plentify has built a product that has the potential to revolutionise home energy use in SA and beyond. We’re excited to back an exceptional team that is addressing critical energy challenges through sustainable, decentralised solutions,” noted Paras Patel, Managing Partner of E3 Capital, who led the funding round.
The round included a mix of existing and new investors, such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital. The capital injection will enable Plentify to further accelerate its impressive growth. “In 2024, we have already deployed more than three times as many HotBots as in all of 2023,” remarked Kailas Nair, Plentify’s Co-Founder and Chief Growth Officer.
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“This growth has come in partnership with leading South African companies like Balwin and Wetility, who are deploying Plentify technology alongside their solar and battery systems to deliver the most affordable clean energy.”
Their mission
The company exists with a singular mission: to enable utilities (including rooftop solar panels) to deliver affordable, reliable, and clean energy. Their rapid growth has led to significant progress on this mission, with their fleet of smart devices providing enough resilience to the grid to mitigate the equivalent of more than an hour of morning and evening blackouts per month in Cape Town.
The fresh capital will also allow Plentify to continue its expansion into new markets, where this South African-born technology has broad applicability. Shaun Abrahamson, Managing Partner at Third Sphere, commented, “Plentify may have cracked the code on how to architect energy management in the smart home of the future—enabling homes to cheaply and easily maximise their solar self-consumption.” Similarly, Paula Mokwena, CEO of Fireball Capital, remarked, “Plentify’s technology has great potential not only in South Africa but in any market with an established or growing residential solar market. This global potential underpins our investment thesis.”
Plentify believes it can achieve its ambitious growth goals, largely thanks to its world-class team, which includes former leaders from Google, Tesla, Meta, NASA, Discovery Vitality, McKinsey & Co., and others. This team continues to drive the company’s innovation engine, ensuring it remains at the cutting edge of technology and business strategy.
Plentify’s model of using intelligence to connect appliances with clean energy not only serves the needs of today’s markets but also sets a blueprint for the future of energy management in smart homes worldwide. With solid backing, a clear vision, and a capable team, this investment is sure to unlock the next chapter for Plentify.
