California-based company Ojjo will be given $40 million funding for its Series C, as reported by Electrek. This will support the company's photovoltaic panels, which hold the record as one of the largest solar farms in the United States.
(Photo : Mark Wilson/Getty Images)
HUGHESVILLE, MD - AUGUST 20: Solar panels are seen at a solar farm owned and operated by Southern Maryland Electric Cooperative Solar llc. August 20, 2015 in Hughsville, Maryland. The 5.5-megawatt farm went online in 2012 with its 23,176 solar panels that cover 33 acres, and at maximum production can supply enough electricity to supply 600 homes.
Ojjo's Investors
The funding was led by two foundations, NGP's energy transition investing platform, NGP ETP, and Ajax Strategies. NGP's partner James Wallis also joined the company's board of directors recently.
He said that solar foundations were usually not supported in the industry. Yet, he added, "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."
Expect the acceleration and growth in Ojjo's 9-gigawatt active project pipeline, as it is one of the projects that the company is focusing on. Over 6,000 acres of federal land will be used for the solar farm. This will take place in Las Vegas, specifically in the Mojave Desert.
This will also generate clean energy for 400,000 houses that will be commissioned next year.
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Previously, Ojjo was also funded by Cthulhu Ventures and other investors for over $27 Million. Chairman and Chief Executive Officer of Ojjo Mike Miskovsky said that he is excited for these investors as they trusted the company's vision regarding the solar industry.
He stated, "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 Terawatt-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."
The company currently works on establishing supply chain experience, drilling machine fleet uptime, and field support, as Ojjo will ensure customers that they will be rewarded with a good experience when they purchase and install these foundations from the company.
Ojjo President Helena Kimball also said that this will make the company financially stable in the future.
Earth Truss System
This development of Ojjo excels among the other solar foundations as it unlocks different possibilities for the solar industry. As per PR Newswire, the company will create a close-customer alignment with higher-level results through in-depth operator and mechanic training.
For the company to develop hardware that is fully compatible with steel componentry reduction and overall system costs, Ojjo partnered with several top solar tracker manufacturers. More projects will be announced by the company sooner or later.
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Written by Inno Flores
