Ojjo has secured $40 million in investment in its latest funding round to help scale its next-generation solar foundations.
The Series C round was led by NGP ETP – the energy transition investing platform of NGP – with Ajax Strategies also participating, in addition to James Wallies, Partner at NGP joining Ojjo’s Board of Directors.
The latest funding, following the previous $27 million (£24m) secured across two funding rounds, will support Ojjo’s expansion on its 9GW project pipeline.
The company’s patented Earth Truss System is said to offer a “fast and efficient” means of securing ground-mounted solar systems – typically requiring significantly less steel volume and labour compared to customary pile foundations.
Its system has been contracted or constructed in more than 1.6GW of solar power projects to date.
Mike Miskovsky, Chairman and CEO of Ojjo said: “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.
“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 labour inefficiencies. As we enter the era of Terawatt-scale solar, our industry will increasingly require optimised, 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.”