German storage system manufacturer, Sonnenbatterie, which announced this week the close of a US$10 million equity funding round, said it sees “high growth potential” for its products in Australia, the UK and Italy.
On Monday, Sonnenbatterie said it had closed the US$9.4 million venture funding round, led by fund management firm Chrysalix SET and “cleantech venture capital specialist” Munich Venture Partners. Both are new investors in the company and were joined in the round by a previous investor, eCAPITAL, a German firm which invests in growing technology companies.
According to Sonnenbatterie, which mainly targets the residential market but also sells to commercial and agricultural PV system owners, the company has sold around 4,000 storage units in Germany to date since launching in 2011. This year, Sonnenbatterie also began sales in the US and already has a presence in Austria, Switzerland, Italy and Luxembourg.
Mathias Bloch, Sonnenbatterie spokesman, told PV Tech that the funding was to support for the company’s growth, which will include expansion of manufacturing capacity, development of new products and overseas expansion. When asked which regional markets the company is particularly keen on entering, Bloch namechecked the UK, Australia and Italy.
“The most important market for us is of course Germany. The next big step we want to make will be in the United States. But also in Australia, the UK and Italy we see a high growth potential.”
The full version of this story can be read at the PV Tech Storage website.