Ojjo, a supplier of next-generation solar foundations, has closed a $40 million Series C funding spherical led by NGP ETP, the energy transition investing platform of NGP, with Ajax Strategies additionally collaborating. In addition, James Wallis, companion at NGP, has joined Ojjo’s board of administrators.
The new funding will speed up Ojjo’s development and execution on its 9 GW energetic challenge pipeline. Ojjo’s patented Earth Truss System gives a quick and environment friendly technique of securing floor mount solar methods. The firm’s system has been contracted or constructed in over 1.6 GW of solar tasks up to now, together with on the nation’s largest standalone solar and storage challenge, Gemini Solar. 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 investors, NGP ETP and Ajax, who have long shared Ojjo’s vision for accelerating the growing and vibrant solar industry,” says Mike Miskovsky, chairman and CEO of Ojjo. “For too long, our industry has had to make do with pile foundations that were never designed for solar applications – often resulting in avoidable project costs and labor inefficiencies. As we enter the era of TW-scale solar, our industry will increasingly require optimized, solar-specific mounting and installation hardware. This investment is the critical next step to scaling Ojjo’s innovative technology and speeding the nation’s transition to solar.”
“Solar foundations represent a major untapped opportunity in the industry. We believe that Ojjo’s experienced team is perfectly positioned to deliver innovation, automation, and cost savings at a time when the industry needs it most,” states James Wallis, companion at NGP. “NGP’s extensive portfolio and deep expertise – spanning both traditional oil and gas as well as energy transition segments – allowed us to quickly recognize the benefits of Ojjo’s structural design and drilling-process innovations, resulting in dramatic reductions in pre-drill and remediation requirements. We are excited to offer our financial support and strategic guidance as Ojjo continues to expand and bring value to this market.”
“We’ve been early supporters of Ojjo’s team and technology, and our follow-on investment was a natural fit for our shared vision of delivering revolutionary solutions to solve climate change,” feedback Matt Rogers, Ajax’s working companion. “The timing couldn’t be better for solar innovations such as Ojjo with the passing of the Inflation Reduction Act (IRA), which enables consistent growth over the next decade for domestic renewable energy production. Ojjo has all the necessary capabilities to help the industry scale to take full advantage of this unique and timely opportunity.”
“Ojjo’s Earth Truss systems have been proven in the field on hundreds of megawatts of projects, in a variety of soil conditions. It’s clear the industry is hungry for technologies that can deliver project-level cost savings relative to today’s commodity offerings,” mentions Helena Kimball, president of Ojjo. “We have worked hard to establish the supply chain sophistication, drilling machine fleet uptime, and the field support to ensure our EPC customers have rewarding experiences installing Ojjo foundations. We are grateful to our investors for recognizing Ojjo’s advantage, and for providing us the financial stability to scale well into the future.”
Ojjo supplies its Earth Truss {hardware}, subject engineering companies and automatic Truss Driver machines to solar builders, EPCs and their basis subcontractors. In addition, Ojjo has partnered with solar tracker producers to develop streamlined, totally appropriate {hardware}, additional lowering metal componentry and general system prices.
