Solytic targets ten-fold growth following Vattenfall-led funding round

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

PV monitoring specialist Solytic has targeted a ten-fold increase in the number of systems it monitors after concluding a Series A funding round led by energy giant Vattenfall.

The Berlin-headquartered company secured what it labelled a “medium seven-digit sum” in the funding round which also saw participation from German energy company EWE and a number of angel investors.

Having been founded in 2017, Solytic’s software-based PV monitoring solution is currently used by around 100,000 solar systems, however, the firm wants this figure to grow ten-fold to one million plants within the next three years.

The company is to use the proceeds of its latest funding round to accelerate product development and help grow into new markets. Having both Swedish state-backed utility Vattenfall and EWE on board, Solytic MD and co-founder Konrad Perényi said, was an “important step forward” in meeting those aims.

“It gives us the necessary clout to further expand digital services in the solar market and to gain a strong market position,” he said.

Solytic’s software uses performance data gathered in real time to optimise asset performance. Artificial intelligence practices are used to automate plant monitoring, helping to identify weak points or faults early to reduce down time and repair costs. Analysis can also be compiled based on potential expansions or additions, such as energy storage.

That, in turn, Solytic said, can help utility-scale solar plants reach a break-even point faster, contributing towards the economic feasibility of the technology.

“Most buyers of solar plants are mainly interested in the yields and their degree of self-sufficiency. In order to enable plant owners to minimize their expenses while maximizing their yield, Solytic continuously evaluates the plant data and reports weaknesses and potentials to the operators with concrete proposals for solutions,” Solytic co-founder Johannes Burgard said.

Vattenfall originally invested in Solytic in 2018, providing €3 million of late-seed financing to help further the fledgling company’s product development.

Having now provided the company with further funding, Vattenfall senior vice president Gunnar Groebler said the utility saw “significant growth potential” in the international solar arena.

“However, economic success depends on constructing renewable plants as cost-effectively as possible and operating them with data support. Therefore, the investment in a company like Solytic, which is clearly focused on digital services in this future-oriented area, is a very sensible investment for Vattenfall”, Groebler continued.

Read Next

May 7, 2021
Latin America-focused solar developer Atlas Renewable Energy has obtained a US$150 million loan to finance the construction of its 359MWp Lar do Sol - Casablanca PV project in Brazil.
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
There was a more than fourfold increase in corporate solar funding in Q1 2021 compared with the same quarter last year, amid strong demand for PV assets globally, according to new analysis by Mercom Capital.
April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021