based in Berlin Zolar has secured €100 million (~$105 million) in Series C financing to expand its small solar supplier network to meet rising clean energy demand.
Germany is particularly exposed to the energy crisis caused by the war in Ukraine, as it remains heavily dependent on Russian gas imports – meaning consumers there face rising gas bills.
And while the country’s political leaders remain under tremendous pressure to find ways to quickly migrate to alternative energy sources to stop sending money to Putin’s regime, German households don’t seem to be hanging around: Zolar says that surveys on installing solar systems have more than quadrupled this year — after rising energy prices.
The Series C round is led by US investor Energy Impact Partners (EIP); and GIC, Singapore’s sovereign wealth fund. Existing investors, including Inven Capital, Heartcore Capital, Statkraft Ventures and Pirate Impact Capital also participated.
The startup’s pitch is that it will democratize access to solar energy and reduce complexity for consumers – by offering an online configurator it claims is unique in the industry, offering homeowners an easier way to create custom solar installations. buy or lease online for a small monthly fee.
The company, founded in 2016, had raised €59 million per year prior to this increase crunch base† The network of small solar installers also recently benefited from $23 million to support eco-focused search engine, Ecosia, which announced in March that it would be funneling some of the profits it generates from search ads locally to clean energy. , next to plant trees to accelerate Germany’s transition from fossil fuels.
Add $100 million now — and Zolar seems well positioned to help many more consumers make the switch to clean energy.
To meet what it describes as “unprecedented” solar demand from German households, Zolar says it will significantly expand its Craftship Partner Network of currently 500 local craft businesses – to 3,000 by 2025 to increase solar installation capacity. increase.
It also plans to use Series C funds to open a training center this year to address the skills gap in the renewable sector and train workers in a qualified accelerated process to meet the energy reversal demand.
The investment will also fund the rollout of new digital energy products, with Zolar leading the charge for a smart control feature that will allow the app to recognize the best time to charge an electric car and do it automatically.
“The company’s app is being expanded with an energy management system and a dynamic electricity rate, among other things,” it writes in a press release. “The app will intelligently control homeowners’ solar energy supply while maximizing their energy independence and cost savings.”
Alex Melzer, CEO and founder, added in a statement: “Our goal is to provide 10 million households in Europe with a solar system or renewable energy by 2030. The climate crisis, energy security issues and the rising cost of fossil fuels mean we have to act very quickly. By providing a fully digital experience and making it as easy as possible to get started and use solar energy, we help people go green, become energy independent and save costs.”
“There are 16 million roofs on single and two-family houses in Germany. More than 14 million of them still have no solar system. Putting solar panels on these houses will make Germany more independent from coal, gas and oil,” he also noted.
In further supportive statements, Zolar’s investors underlined the role that rising solar energy demand can play in helping humanity tackle the climate crisis and have a chance at a sustainable future.
Matthias Dill, managing partner Europe at EIP, said: “The demand for green energy will greatly increase in the global effort for a zero-zero future. Climate technology will power the modern economy and accelerate the transition to net-zero greenhouse gas emissions. Our investment in zolar is part of our mission to support startups worldwide that are resolutely moving towards a sustainable future.”
“Our investment in Zolar is a testament to GIC’s support for green innovation and the clean energy transition. In the coming decades, climate change will determine investments that accelerate the carbon transition. Zolar helps homeowners significantly reduce their carbon footprint, which is vital to the global efforts to reduce carbon emissions,” said Choo Yong Cheen, chief investment officer of Private Equity at GIC.