To fulfill the increased demand for renewable energy, Berlin-based Zolar has secured €100 million (about $105 million) in Series C investment. This money will be used to develop its supplier network for small solar systems. Due to Germany’s continued reliance on Russian gas supplies, which results in high gas prices for its residents, the country is particularly vulnerable to the energy crisis brought on by the conflict in Ukraine.
German households don’t seem to be hanging around, despite the fact that the political elites of the nation are still under intense pressure to fast transition to alternate energy sources in order to cease funding Putin’s regime: Inquiries about installing solar systems, according to Zolar, have more than doubled this year as a result of increased energy costs. Energy Impact Partners (EIP), a U.S. investor, and GIC, Singapore’s sovereign wealth fund, are the principal investors in its Series C round. Participating investors already in the market included Inven Capital, Heartcore Capital, Statkraft Ventures, and Pirate Impact Capital.
The business claims that its online configurator, which it claims is unique in the industry, gives households a simpler method to buy bespoke solar installations online or lease them for a nominal monthly charge, would democratize access to solar energy and reduce complexity for customers. According to Crunchbase, the company, which was launched in 2016, had raised €59 million before this investment.
The eco-focused search engine Ecosia, which announced in March that it would be investing a portion of the money it makes from search ads into clean energy locally, in addition to planting trees, in order to speed up Germany’s transition away from fossil fuels, recently provided $23 million in support to its network of small solar installers. Zolar appears to be in a good position to assist many more people in switching to sustainable energy with an additional €100 million.
Zolar claims it will significantly expand its Craftship Partner Network, now 500 local craft enterprises, to 3,000 by 2025 to enhance solar energy installation capacity, in order to fulfill what it calls the “exceptional” demand for solar from German homeowners. In order to address the skills gap in the renewable industry and prepare personnel in a qualified fast-track manner to meet demand for the energy turnaround, it also intends to construct a training center this year with the help of the Series C financing.
The funding will also support the launch of new digital energy goods. Zolar, for instance, cites a smart control function that will allow its app to automatically begin charging an electric car at the ideal moment. According to a press release, “Among other things, the company’s app will be upgraded to incorporate an energy management system and a dynamic power price.” The software will maximize homeowners’ energy independence and cost savings while intelligently managing their solar power supply.
“Our objective is to equip 10M households in Europe with either a solar system or renewable energy by 2030,” said Alex Melzer, CEO and founder, in a statement. We must act rapidly due to the climate catastrophe, problems with energy security, and the escalating expense of fossil fuels. We assist individuals in going green, becoming energy independent, and saving money by providing a totally digital experience and making it as simple as possible to get started with solar energy.