Might 19 (Renewables Now) – German residential photo voltaic start-up Zolar GmbH has secured greater than EUR 100 million (USD 105.31m) in a Sequence C funding spherical, led by US investor Vitality Impression Companions (EIP) and Singapore’s sovereign wealth fund GIC.
The Berlin-based firm runs a digital platform for particular person photo voltaic options and goals to provide 10 million households in Europe with both renewable vitality or a photo voltaic system by the top of the last decade.
With the contemporary capital, Zolar desires to deliver new merchandise to the market and increase its community of engineering companions to three,000 by 2025 from at the moment 500 with a purpose to increase its capability for the set up of latest photo voltaic vegetation.
The corporate’s app will probably be expanded to incorporate an vitality administration system.
The funding spherical was additionally backed by present traders Inven Capital, Heartcore Capital, Statkraft Ventures and Pirate Impression Capital.
Zolar was based by Alex Melzer and Gregor Loukidis in 2016. The corporate sees huge potential for enlargement as greater than 14 million of all 16 million roofs of indifferent and semi-detached homes in Germany wouldn’t have a photo voltaic system.
(EUR 1.0 = USD 1.052)