Germany Zolar grabs $105M on soaring demand for solar energy

Germany solar energy

Germany solar energy


Berlin-based Zolar has bagged €100 million (~$105 million) in Series C funding to expand its supplier network for small solar systems to meet rising demand for clean energy.

Germany is particularly exposed to the energy crisis triggered by the war in Ukraine as it remains heavily dependent on Russian gas imports — meaning consumers there face soaring gas bills.

And while the country’s political leaders remain under huge pressure to find ways to quickly migrate to alternative energy sources to stop sending money to Putin’s regime, German householders don’t appear to be hanging around: Zolar says enquiries about installing solar systems have more than quadrupled this year — following rising energy prices.


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Its Series C round is led by U.S. 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 it’s democratizing access to solar energy and reducing complexity for consumers — by offering an online configurator it says is unique in the industry which provides homeowners with an easier way to buy customized solar installations online, or lease them for a small monthly fee.

The 2016-founded business had raised €59 million prior to this raise, per Crunchbase. Its network of small solar installers also recently benefitted from $23 million in support from eco-focused search engine, Ecosia, which announced in March that it would be funnelling a portion of the profits it generates from search ads into clean energy locally, in addition to planting trees, to help accelerate Germany’s transition away from fossil fuels.

FULL STORY


Germany solar energy

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