Odyssey Energy Solutions, a startup that connects local solar installers in emerging markets with global capital, announced on Tuesday that it has closed a $74 million fundraising round. The round includes $27 million of equity and $47 million of debt, according to Heatmap News. The company said the capital will expand its financing and procurement platform, deepen its presence in core markets such as Nigeria and India, and widen its business in Mexico and adjacent Latin American countries.
The company, founded in 2017, acts as a middleman between small and midsize local installers and capital providers that want exposure to developing markets but typically would not finance small companies in unfamiliar environments. Odyssey places equipment orders on behalf of installers, allowing them to pay over time after their own customers pay first. The company now has about 6,000 commercial and industrial solar installers on its platform across more than 50 countries and has facilitated over $3.6 billion in financing for distributed energy projects. It previously raised a $15 million Series A in 2023.
The funding supports a broader shift in energy economics across the Global South. As grids in parts of Africa, Asia, and South America remain fragmented and unreliable, businesses have often relied on diesel generators. But rising diesel prices and falling solar and battery costs are making distributed energy more attractive. Odyssey co-founder and CEO Emily McAteer framed the trend as "distributed energy leapfrogging a centralized grid," comparing it to cell phones leapfrogging landlines. The company also plans to expand beyond solar into financing batteries for electric two- and three-wheelers such as motorcycles and rickshaws.
What remains unknown is how the new capital will be deployed across specific markets and whether the company can sustain its purchasing-power advantage as it scales. The dossier does not disclose the equity investors, the debt providers, or the valuation implied by the round. McAteer said the company expects to raise another $50 million in debt over the next six months specifically to fund the expansion, but the source does not detail the terms or timing of that additional raise. The evidence is based on a single full-text source, so independent corroboration of the figures and growth plans is not yet available.