Okapi Technologies, a Malaysian climate fintech business in solar finance, closed its investment round and launched in Malaysia on Monday, starting with residential solar.
The co-founders of the local logistics unicorn Ninja Van, Lai Chang Wen and Shaun Chong, participated in the round managed by The Radical Fund, according to a statement from Okapi Technologies.
“Malaysia’s vibrant renewable energy ecosystem, stable regulatory frameworks, and forward-thinking government policies made it an easy decision for us to launch here as our first market in Southeast Asia,” said Zhern Yung, who spent seven years at Ninja Van, where he was last the Vice President of Corporate Development & Treasury running fundraising and strategic M&A initiatives.
“With this increase, we’ll keep coming up with creative ways to give everyone in the house access to cheap solar energy while establishing a new asset class supported by sustainable, ethical, and reliable revenue streams for environmental, social, and governance (ESG) investors worldwide,” he continues.
The firm’s patented technology connects clean energy investors with solar dealers, installers, and EPCs countrywide via embedded finance and project management to close the financing gap.
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The firm’s fast credit decisioning engine enables solar stakeholders to offer homeowners cash flow positive lease options for up to ten years at the point-of-sale, accelerating sales cycles and raising conversion rates.
This system removes all financial and psychological obstacles that prevent homes from obtaining cheaper utility rates, greatly lowering their carbon footprint and greenhouse gas emissions and assisting Malaysia in achieving Net Zero.
Okapi Technologies provides financiers a unique entrée into Southeast’s energy transformation by developing a safe, emerging asset class with long-term returns.
With more than 300 leads from solar partners and direct inquiries each month, the company claimed to be well-positioned to efficiently scale its approach.
Malaysia’s rooftop solar sector is flourishing because to government programs like the SolaRIS reimbursement of up to MYR 4,000 ($849) per home to install solar energy systems in April 2024.
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Middle-income households still struggle to adopt due to large upfront fees. Tenaga Nasional Berhad, Malaysia’s national utilities company, and other industry insiders say high upfront pricing is the biggest barrier to rooftop solar adoption by households.
There are also few financing opportunities for long-term productive assets in the region
Additionally, Malaysia’s National Energy Transition Roadmap estimates achieving energy transition targets by 2050 will require MYR 1.85 trillion in investment.
“Okapi Technologies eliminates barriers to home solar adoption by obtaining competitive funding and investing in quality solar assets.
“Each installation generates 800-1,000 kWh monthly, accelerating the region’s renewable energy transition, cutting GHG emissions, and empowering Southeast Asia’s middle-income households to reduce utility costs and secure energy price stability,” she added.
By the first quarter of 2025, Okapi Technologies hopes to have funded the installation of 100 household solar energy systems per month. Since its founding, the company has forged business alliances with other solar enterprises across the nation.
About Okapi Technologies
OKAPI Technologies is a Nordic ICT consulting firm that offers expert services globally in the domains of Internet of Things, mobile networks, healthcare, and defence systems.
