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

April 9, 2021
A draft proposal put forward by China’s National Development and Reform Commission could see subsidies for new solar projects phased out, starting this year.
April 9, 2021
Solar and storage provider Sunworks has acquired installer Solcius in a deal worth US$51.8 million.
April 6, 2021
Indian solar power producer Azure Power has sold its rooftop solar business to Radiance Renewables as the company aims to focus more on projects with higher returns.
April 1, 2021
As the solar industry has matured and sustainable investment has moved up on the global market’s list of priorities, power purchase agreements (PPAs) have become a mutually beneficial arrangement between developers and the corporate world. But SMEs have remained difficult to cater for in comparison to larger, more bankable offtakers or utilities with permanent facilities. Edith Hancock explores how this might be changing.
March 30, 2021
South Korea-based solar module manufacturer Q CELLS has filed patent infringement complaints in both Germany and France against Astronergy.
PV Tech Premium
March 29, 2021
In the first of a series of exclusive editorial columns for PV Tech Premium subscribers, editor in chief Liam Stoker urges energy regulators around the world to nurture home solar installations, or pay the price with delayed climate action

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET