Statkraft Ventures’ portfolio company Zolar increases their Series B fundraise with additional €15m

11 Sep, 2020

Current investors expand Zolar’s Series B to 25 million euros to enable the rapid scaling of the business model and the expansion of photovoltaic systems that fight climate change.

The Berlin-based greentech start-up Zolar has received an additional 15 million euros from its current investors as part of an expansion of the Series B financing round. The total investment of the Series B launched in 2019 has increased to 25 million Euro. This injection of fresh capital will speed up the scaling of the business model. Despite the Covid-19 pandemic, the start-up has been able to double its revenue compared to the previous year. Zolar's long-term goal is to become the go-to consumer brand for solar systems. The start-up is also using this venture capital to firmly establish itself as an energy and data provider and to prepare for international expansion in the coming years. Alongside its corporate growth, Zolar will continue to further optimize its own digital partner platform, the Zolar Project Center.

The Czech venture capital fund Inven Capital, which specializes in greentech, is once again the main investor in this round of funding. Previous investors Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech Partners are also reinvesting. Their decision to do so will help strengthen the growing market for photovoltaics as a clean and climate-friendly form of energy. By providing capital, the investors are investing in a scalable business model that combines social benefits and economic growth.

A powerful package: Transforming the energy industry as well as protecting the climate

Zolar's vision is to create a sustainable energy industry and thus a future worth living for all. Every photovoltaic system saves climate-damaging CO2 and, therefore, is paving the way for an energy supply made of 100 percent renewables. Accelerating the company’s growth, the startup is driving the increasing demand for photovoltaics; the electromobility trend is giving solar energy an additional boost. Private solar systems are now inexpensive, effective and a proven technology. The photovoltaic and storage technology covers the consumer’s energy needs and supplies green energy within the home. Zolar has developed its own Zolar Online Configurator in response to the growing need to plan solar systems digitally and conveniently from home.

"Each and every one of our customers is a climate hero," says Alex Melzer, CEO of Zolar. "The more we grow, the faster we can revolutionize the energy industry together with our customers and help to avert the climate crisis. Zolar stands for climate protection straight from the bat, we want to be the catalyst for an energy revolution in every household. We stand for clean electricity and a future worth living. Anyone thinking of solar systems should think of Zolar first. The new funding paves the way for us to become the go-to company for clean energy and individual solar systems, to expand internationally and to establish ourselves as a data provider", Melzer continues.

Plans for the future: data aggregator, internationalization and digitization for installation technicians

The increased financing will enable Zolar to build a complete energy solution for its customers. The digital customer platform, the Zolar Online Configurator, and the Zolar Project Center for partnered installation technicians will enable Zolar to become a key data provider for accelerated energy transition and provide customers with relevant energy data. Zolar will use its previous experience together with the fresh influx of capital to expand internationally. The Zolar Project Center will also be further developed as an important strategic initiative. This will allow Zolar to support their installation partners in digitizing their internal processes; installation companies will benefit from scheduled orders, secure payment and digital project implementation, which will also make them more crisis-proof. Furthermore, scaling up the number of partners will improve regional coverage of projects requiring only short distances.

“This large internal financing round with EUR 15 million of fresh capital is a confidence vote to use this opportunity in the market and to move the company to the next level. We see strong signs for anti-cyclicality in the PV market, driven by the threat of the pandemic and recession. As a result, people thrive to achieve energy independence while increasing the value of their property. This creates great opportunities for Zolar, which is also confirmed by Zolar's 100% annual revenue growth”, says Petr Míkovec, Managing Director of Inven Capital.