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Reading: Solar foundation Ojjo secures $40 million in funding
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EV-a2z > News > Solar foundation Ojjo secures $40 million in funding
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Solar foundation Ojjo secures $40 million in funding

admin
Last updated: 2022/10/05 at 9:10 PM
admin Published September 21, 2022 2 Min Read
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A $40 million Series C funding round has just been secured by Ojjo, a company located in San Rafael, California, whose solar foundations will support the photovoltaic panels on one of the biggest solar farms in the United States.

Ojjo closes funding round for its ground-mount solar foundations business https://t.co/KqmTtnJGhH pic.twitter.com/9HTx6idwo5

— Jon Queen, CFA, CAIA (@jonmckeequeen) September 20, 2022

According to Electrek, the $1.2 billion, 690 megawatts (MW) + 380 MW battery energy storage Gemini Solar project will struggle to function without Ojjo’s Earth Truss technology. Notably, the solar farm is expected to be built in the Mojave Desert, some 30 miles northeast of Las Vegas, on around 6,000 acres of government land.

⚠️☀️The Gemini Solar Project #California: #NativeAmerican communities and environmental organisations opposed the project, but it was approved and will be constructed.

Atlas➡️https://t.co/fNiCzAZEw3

‼️These “renewable energy” megaprojects have adverse environmental impacts. pic.twitter.com/LkwurSKXg5

— EnvironmentalJustice (@EnvJustice) April 16, 2021

Furthermore, it is anticipated to be put into operation next year and will provide enough renewable energy to power 400,000 households.

One of the fastest-installing solar foundations in the industry is the Earth Truss, as declared by Ojjo. The amount of steel and manpower needed is generally 50% lower than with a traditional pile arrangement. In fact, over 1.6 gigawatts of solar projects have so far contracted or built the Earth Truss system.

It is worth noting that aside from Ajax Strategies, the energy transition investing platform of NGP, NGP ETP, led the Series C fundraising round for Ojjo.

With that in mind, Ojjo’s expansion and completion of its 9 GW active project pipeline will be accelerated by the additional financing it acquired.

James Wallis, a partner at NGP, said:

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.

The Gemini Solar project will essentially produce a tremendous quantity of clean energy and be used in many other solar farms. That said, it will heavily rely on this solar foundation product.

Trump Administration Approves $1B Gemini Solar Project in Nevada Desert https://t.co/dqvGyJCALc pic.twitter.com/IHjt0f2QgP

— Anonymous Live (@AnonLive) May 12, 2020

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TAGGED: California, Ojjo, Solar Power, USA
admin October 5, 2022 October 5, 2022
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