Wetility Repays Innovation Fund Loan Early as It Expands Solar Operations

South African solar energy company Wetility has completed early repayment of its venture loan from the MultiChoice Innovation Fund (MIF). The repayment marks a key milestone in Wetility’s development and can be seen as the company’s move from early-stage support to broader commercial operations.

Wetility offers modular solar systems with monthly subscription plans, designed to help residential and commercial users reduce reliance on the national grid. Its product structure includes bundled services such as system maintenance, insurance, and customer support. In informal retail settings, the company offers a daily-payment model through a Point-of-Sale partnership to extend access to unbanked or underbanked consumers.

The company was initially supported by the MIF, a programme aimed at providing early-stage funding and business support to black-owned South African enterprises. Wetility used the funding to develop a working proof of concept, which later enabled it to secure $48M USD in Series A investment in 2023. Investors in that round included Metier Sustainable Capital II, Sanlam, and the Industrial Development Corporation (IDC).

Wetility latest product addition is designed to help solar installers access financing for projects up to 500 kW in size. The company has also launched an energy management feature called AI Mode, which automates battery charging and discharging based on real-time and forecast data. According to Wetility, this tool has improved solar efficiency, increasing household electricity savings from 65% to as high as 90%.

Wetility was one of several firms supported by the MultiChoice Innovation Fund since its establishment in 2012. The fund provides early-stage financial and operational assistance to enterprises in sectors such as energy, technology, and media, with a focus on black-, women-, and youth-owned businesses.

MIF Head of Corporate Affairs, Litlhare Moteetee-Murendo, described Wetility’s trajectory as representative of the kind of growth the fund aims to support, moving businesses from ideation to investor readiness.