Okapi Technologies, a solar financing startup based in Malaysia, has announced its official launch in Malaysia with the closure of a new funding round led by impact investor The Radical Fund.
Multiple angel investors, including Ninja Van co-founders Lai Chang Wen and Shaun Chong, also joined the round.
The details of the deal remain undisclosed.
Also Read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost
At present, the rooftop solar industry in Malaysia is booming, driven by supportive government policies such as the SolaRIS rebate introduced in April 2024 of up to RM4,000 per household to install solar energy systems on their rooftops.
However, high upfront costs remain a significant barrier to adoption for middle-income households. Industry insiders including those from Tenaga Nasional Berhad, Malaysia’s national utilities company, have attributed high upfront pricing as the main obstacle to greater adoption of rooftop solar among homeowners. Also, there is a lack of appropriate financing options for such a long-duration productive asset in the region.
Lai Zhern Yung and Christopher Kwong, both former bankers and engineers, founded Okapi to address this pain point.
The startup’s proprietary platform connects clean energy investors with solar dealers, installers and EPCs (engineering, procurement, and construction) companies nationwide via an embedded financing and project management solution.
With its instant credit decisioning engine, Okapi empowers solar stakeholders to offer cash flow-positive leasing plans of up to ten years to homeowners at the point of sale. According to the startup, this mechanism eliminates all logistical and psychological barriers for households to access lower utility costs, thereby “significantly” reducing their greenhouse gas emissions and carbon footprint, while contributing to Malaysia’s Net Zero goal.
Since its launch, Okapi has established commercial partnerships with dozens of solar companies in Malaysia and targets to fund the installation of 100 residential solar energy systems per month by the first quarter of 2025.
Malaysia’s National Energy Transition Roadmap (NETR) has estimated that up to RM1.85 trillion of financing is required to meet energy transition targets by 2050.
Also Read: How The Radical Fund discovers, backs, spearheads climate-resilient ventures in SEA
“By sourcing competitive capital and investing in quality solar assets, Okapi removes barriers to residential solar adoption. 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,” said Alina Truhina, CEO and Managing Partner of The Radical Fund.
—
The post The Radical Fund, Ninja Van co-founders invest in Malaysian solar financing startup Okapi appeared first on e27.