San Rafael, California-based Ojjo, a provider of next-generation solar foundations, has closed a $40 million Series C funding round led by NGP ETP, NGP’s energy transition investing platform. Ajax Strategies also participated in the round.
The new round of funding will help Ojjo accelerate its growth and execution of its 9-Gigawatt active project pipeline. Ojjo’s patented Earth TrussTM System requires less steel and labor than traditional pile foundations.
The company’s system has been contracted or built in over 1.6 GW solar projects, including the nation’s largest standalone solar and storage project, Gemini Solar. Ojjo has previously raised $27 million in two prior funding rounds, with participation from Cthulhu Ventures and other investors.
“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,” he added.
Earth Truss System is a significant advancement in large-scale solar foundations
Solar developers, EPCs, and foundation subcontractors can use Ojjo’s Earth Truss hardware, field engineering services, and automated Truss Driver machines. Furthermore, Ojjo has collaborated with solar tracker manufacturers to create streamlined, fully compatible hardware, lowering steel componentry and overall system costs.
“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 when the industry needs it most,” states James Wallis, partner at NGP.
Ojjo, was founded in 2018 by solar innovation veterans from Zep Solar and Tesla, and it currently holds over 250 domestic and international patents for its system. Ojjo is quickly becoming the go-to solution for leading utility-scale projects, with over 26 Gigawatts of opportunities in its North American pipeline.
“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 climate change,” said Matt Rogers, Ajax’s operating partner.
“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 capabilities to help the industry scale to take full advantage of this unique and timely opportunity,” added Rogers.