Ojjoa next-generation solar foundation provider, closed a $40m Series C funding round led by NGP ETPNGP’s energy transition investment platform, with Ajax Strategies also participate. Additionally, James Wallis, Partner at NGP, has joined Ojjo’s Board of Directors.
The new financing will accelerate Ojjo’s growth and execution across its 9GW active project pipeline. Ojjo’s patented Earth Truss System provides a quick and efficient way to secure ground mounted solar systems. The company’s system has been contracted or built in more than 1.6 GW of solar projects to date, including the nation’s largest standalone solar and storage project, Gemini Solar. Ojjo has already raised a total of $27 million in two previous funding rounds, with participation from Cthulhu Ventures and other investors.
“We are delighted to welcome our investors, NGP ETP and Ajax, who have long shared Ojjo’s vision to accelerate the growth and momentum of the solar industry,” said Mike Miskovsky, President and CEO of Ojjo. . “For too long, our industry has had to settle for 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 need optimized, solar-specific mounting and installation hardware. This investment is the critical next step in scaling Ojjo’s innovative technology and accelerating the country’s transition to solar energy.
“Solar foundations represent a major untapped opportunity in the industry. We believe Ojjo’s experienced team is perfectly positioned to deliver innovation, automation and cost reduction at a time when the industry needs it most,” said James Wallis, Partner at NGP. “NGP’s broad portfolio and deep expertise – spanning both the traditional oil and gas segments as well as the energy transition segments – enabled us to quickly recognize the benefits of structural design and process innovations. drilling by Ojjo, resulting in dramatic reductions in pre-drilling and remediation requirements. We are pleased to offer our financial support and strategic advice as Ojjo continues to grow and bring value to this market .
“We were early supporters of Ojjo’s team and technology, and our follow-on investment was a natural fit with our shared vision to deliver game-changing solutions to solving climate change,” comments Matt Rogers, Operating Partner of Ojjo. Ajax. “The timing couldn’t be better for solar innovations like Ojjo with the passage of the Inflation Reduction Act (IRA), enabling steady growth over the next decade for domestic solar generation. ‘renewable energy. Ojjo has all the necessary capabilities to help the industry take full advantage of this unique and timely opportunity. »
“Ojjo’s Earth Truss systems have been field proven on hundreds of megawatts of projects, in a variety of ground conditions. It’s clear that the industry is hungry for technologies that can deliver project-level cost savings over today’s commodity offerings,” said Helena Kimball, President of Ojjo. “We have worked hard to establish supply chain sophistication, drilling rig availability and field support to ensure our EPC customers have rewarding experiences when installing Ojjo foundations. We are grateful to our investors for recognizing the advantage of Ojjo and providing us with the financial stability to grow in the future.
Ojjo provides its Earth Truss hardware, field engineering services and automated Truss Driver machines to solar developers, EPCs and their foundation contractors. Additionally, Ojjo has partnered with solar tracker manufacturers to develop streamlined and fully compatible hardware, further reducing steel components and overall system costs.