Statkraft Ventures, Momentum and Wiski Capital invest into solar site identifier Glint Solar
Momentum, Wiski Capital, Statkraft Ventures and existing shareholders invest USD 3M in Norwegian start-up Glint Solar.
There is an urgent need to transition to renewable energy, both amid the climate crisis and the war in Ukraine, where European countries are quickly pivoting away from Russian oil and gas.
SaaS company Glint Solar offers solar developers an innovative software to quickly screen and analyze potential sites for ground mounted and floating solar. Since the launch of the company in 2020, Glint Solar has worked with both small and large solar developers around the world to build their project pipeline quicker. The capital injection will be used to grow the company and the customer base on its route to becoming a global software for solar developers in the early phase of the value chain.
Solar energy is in many parts of the world the cheapest source of electricity. So far, the total global installments of solar are just over 1,000 GW. According to Rystad Energy, solar energy deployment will grow by 24% annually until 2030, resulting in $1.2 trillion dollars being invested in solar in 2030 alone.
One of the main bottlenecks is to identify areas to build on and to early understand the opportunities and risks tied to new sites. Glint Solar is addressing this challenge through its software, allowing developers to identify specific areas of interest or screen large geographic areas, find grid connection points and conduct technical and financial analyses, while streamlining the workflow internally in the developer’s organization.
“We have seen that many developers of solar energy have a reactive origination process where they sit back and wait for leads or they hire consultants to do the work or they use simplistic services like Google maps to screen for sites,” says Harald Olderheim, CEO. “Instead of just looking at a handful of potential project sites, we empower the developers to quickly assess thousands of potential projects in a proactive manner. Solar energy is becoming very cost efficient, which means there is increasing competition to secure attractive project sites, and that’s where Glint gives the developers a competitive edge.”
Momentum II is a venture fund investing in companies with sustainability at the heart of their business. “We have followed the Glint team since the company’s inception and always liked their idea of accelerating the solar revolution through valuable insight. With their early commercial traction and the fantastic team they are building, we now found the timing to be right. We look forward to supporting the team in the years to come in collaboration with very strong co-investors”, says Hilde Støle Pettersen, managing partner in Momentum.
Wiski Capital is an early-phase venture fund located in Norway. "Glint is in an unique position to accelerate the transition to renewable energy, and we are humbled and excited to be part of this journey," says Lars Lydersen, Partner in Wiski Capital.
Statkraft Ventures was established in 2015 and invests in leading cleantech and energy start-ups. “The Glint Solar team is well positioned for the forthcoming solar growth, and we look forward to supporting their journey”, says Torgunn Oldeide, Investment director at Statkraft Ventures.