Statkraft Ventures leads EET’s €6.5m Series A, enabling apartments and renters to join the energy transition
Plug-in photovoltaic (PV) systems are booming. However, so far consumers have lacked convenient options to store excess PV energy and thus make optimal use of plug-in PV systems. With SolMate, Austrian start-up EET provides the simplest solution on the market today and has established itself as the leader in the new segment of smart plug-in home battery systems. Following the successful market entry of SolMate, Statkraft Ventures leads EET’s €6.5m Series A financing round, joined by Junction Growth Investors, “Sonnen”-founder Christoph Ostermann’s Green Fortress Group, and existing investors.
"EET has impressed us with its unique technology, ease of use and fast international growth – and by releasing a superior and compelling product that hits the market just at the right time. EET’s success illustrates that putting green technologies into consumer’s hands not only makes ecological sense, but also meets an ever-increasing customer demand," explains Steffen Funck, Managing Director at Statkraft Ventures
"By working with our internationally renowned investors, EET has found ideal partners for our growth journey, not only providing financial support, but also access to valuable know-how, networks and resources. These partnerships open new doors and enable us to further develop our innovative technologies, expand the market and tap into new target groups," says Christoph Grimmer, EET’s Co-founder and CEO.
EET will use the capital to further execute its expansion strategy: In addition to Germany, France and Italy, the fast-growing company is setting its sights on Southern and Central Europe.
Product simplicity as a success factor
Whether as a contribution against climate change, as a precautionary measure for blackouts, or to save money in times of ever-rising electricity costs: With SolMate, EET offers a smart and easy PV + storage solution for all customer groups, and the first smart battery system suitable for renters of apartments and houses. Founded in 2017, EET is a pioneer in the plug-in PV and battery industry. "As the cost of electricity and concerns about climate change keep increasing, our mission as a company is to give everyone the opportunity to produce and use their own green electricity at home," emphasizes Grimmer.
EET attributes its success to the simplicity of the system: a single cable connects photovoltaic panels (up to 2000 watt peak) to the storage unit. The storage unit in turn is simply plugged into a regular wall socket (providing power at max. 800 watts). The electricity generated is stored and fed into the household’s network depending on actual electricity demand. Herein lies the key differentiator of SolMate. EET's patent-protected measurement technology "NetDetection" detects how much electricity is currently being consumed and feeds the appropriate amount into the household. When more electricity is produced than needed, SolMate stores the surplus energy for later. With this unique ability to optimize the self-consumption of PV power, SolMate can save up to 50 percent of an average flat's electricity bill. The system can also be operated in island mode, supplying the home with electricity in case of a blackout.
In addition to its proprietary technology, EET sees its employees as one of the key success factors: "As founders, we are extremely proud of our very capable and highly motivated team. Without their dedication to our company and mission, EET’s rapid growth would not have been possible," concludes Christoph Grimmer. Currently, the company has around 70 employees with another 25 new positions being advertised: "By the end of the year, we will grow to more than 100 employees. We look forward to meeting ambitious candidates that support our mission and want to join EET as we put PV and storage into every consumer’s hands," says Grimmer.