Solar company, Hohm Energy, has entered voluntary liquidation with the Companies and Intellectual Property Commission (CIPC).
The company, which entered business rescue in July 2024 due to financial difficulties, informed creditors of the decision this week.
Hohm Energy connected homeowners with solar installers and financiers, simplifying the installation of rooftop solar systems. It had secured financing options from major banks like Investec, Nedbank, FirstRand, and Capitec, allowing customers to spread payments over time.
The company faced challenges as a drop in load shedding led to reduced demand for solar installations, affecting its growth. Initially thriving during energy crises, Hohm struggled to adapt to changing market conditions.
The group successfully raised $8 million seed funding as recently as February, led by E3 Capital and 4DX Ventures, noting that it intended to scale operations, enhance technology, and promote solar installer training.
It also raised $800,000 in pre-seed funding in 2022, followed by a $3.7 million seed round in 2023, ending with an additional $4.25 million.
Hohm Energy, founded in 2021 by Ohlsen and Emir Gluhbegovic, said it generated over 17,000 custom solar designs and facilitated more than $90 million in finance applications through partnerships with local banks.
Comments