“Look out for the gazelles. Companies like Daystar Power, small but viable, have the potential to drive economic impact and jobs.”
Having grown up in Africa, where roughly 600 million people lack access to electricity, Olaedo Osoka is a passionate champion of the energy revolution. As CEO of Daystar Power Group’s Ghana branch, she’s already well on her way to making her mark there.
Founded in 2017, Daystar builds off-grid solar farms with battery storage options for commercial and industrial customers in West Africa. Through these, it provides renewable energy services that reduce operating costs by as much as 30%.
“Businesses in West Africa can pay 500% more on energy than businesses in Norway due to expensive diesel generators and grid costs,” Osoka says. “That impedes our ability to not only build effective African industries but also to compete globally. The cost savings we bring are significant — they can be channeled into job creation and economic growth.”
Incubated by Sunray Ventures, Daystar is backed by New York-based venture capital firm Persistent Energy Capital, Nigerian-based Verod Capital Management, and the German Development Finance Institution. Osoka, a founding member of Sunray Ventures, left to head Daystar’s Ghana branch.
Daystar reflects a growing number of startups tapping into a younger African demographic. “Part of our mission is equipping young people with skills to design, install, operate, and maintain renewable energy solutions and to participate in energy transition on the continent,” Osaka explains.
When asked what advice she has for investors, she says: “Look out for the gazelles. Companies like Daystar Power, small but viable, have the potential to drive economic impact and jobs. Beyond identifying and profitably solving for a challenge, these businesses have a sustainable impact. The growth of companies in this space is natural.”
Read the full interview here.