Energy Impact Partners leads €10 million investment in German residential solar startup

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Germany’s Federal Association of Solar Industries (BSW).

Berlin-based greentech startup Zolar has raised an additional €10 million (US$11.9 million) in an investment round led by Energy Impact Partners.

The fundraiser led by investor EIP has added €10 million to Zolar’s series B funding, bringing the fund’s total to €35 million, which will be used to triple the residential installer’s solar capacity in Germany and accelerate its growth.

Alex Melzer, co-founder of and chief executive of Zolar, said the company has been able to grow its revenues “significantly” despite travel restrictions and work disruption imposed by Germany’s COVID-19 lockdown.

“In the past year, we have been able to grow our revenue significantly, and in 2021, we are targeting to triple installations across Germany,” he said, adding that the additional €10 million from EIP would take the company “to the next level”.

“The investment of Energy Impact Partners shows that investors recognise the relevance of regenerative energy.”

Zolar supplies photovoltaic systems which manage renewable energy for homeowners. The company raised €4 million during series A funding in 2016 and, also raised €15 million from investors including Czech VC Inven Capital, TS Ventures, Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech Partners last September to expand its business overseas.

EIP’s managing partner Matthias Dill said that Zolar is “one of the fastest growing energy startups in Germany”, adding that the investment would provide the company with ongoing support it its growth plans.

German solar developers installed 4.88GW of PV capacity last year, driven by a rise in residential systems, according to the Federal Network Agency (Bundesnetzagetur). Roughly 151,700 smaller PV systems were installed last year, totalling 1,131MW capacity, and installations with a power limit of 10kWp increased their share of the market from 15% to 23%.

Read Next

September 21, 2021
German solar installer Enpal has raised €345 million (US$405 million) in debt financing to fund the deployment of more than 15,000 household solar PV systems
September 14, 2021
Renewables developer BayWa r.e. and the Fraunhofer Institute for Solar Energy Systems ISE have built a new research project to explore how solar systems can protect plants and fruit from extreme weather.
September 14, 2021
Energy Wyze has launched a new technology which facilitates automated booking and lead generation services for the residential solar market.
September 7, 2021
Supply disruptions in the coal and gas sectors have contributed to record electricity costs across Europe, leading to calls for more support for renewables generation to mitigate future price rises.
September 1, 2021
French utility giant Engie has signed a 24/7 power supply agreement with Google for 140MW of carbon-free energy to its operations in Germany in an arrangement the companies have called a “first-of-its-kind”
August 20, 2021
Solar PV plants generated 10% of the EU-27’s electricity demand during June and July this year, new analysis by energy thinktank Ember has found.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021