September 20, 2021 | Alumni
Olugbenga Olubanjo's startup, Reeddi, is among the finalists for the inaugural Earthshot Prize
Olugbenga Olubanjo (MASc 2019) founded Reeddi to provide clean, reliable power to underserved areas.
The Earthshot Prize is the most prestigious global environment prize in history, designed to incentivise change and help repair our planet over the next ten years. The Prize aims to turn the current pessimism surrounding environmental issues into optimism, by highlighting the ability of human ingenuity to bring about change, and inspiring collective action.
Reeddi, founded by U of T alumnus Olugbenga Olubanjo (MASc 2019) is one of the three ‘Fix our Climate’ finalists. The company already provides clean electricity to over 600 combined households and businesses monthly and is on track to adding 12,000 new households and businesses monthly by the end of 2021.
Funding from The Earthshot Prize, however, would help it go global, reaching 12,000 households per month in 2022. At this scale, the company’s production costs per unit would be cut by 30 per cent and Reeddi would be able to successfully utilize data-driven and digitally-enabled systems to simplify customers’ journey to accessing clean, affordable energy.