- Press Releases
May 19 (Renewables Now) - German residential solar start-up Zolar GmbH has secured more than EUR 100 million (USD 105.31m) in a Series C funding round, led by US investor Energy Impact Partners (EIP) and Singapore’s sovereign wealth fund GIC.
The Berlin-based company runs a digital platform for individual solar solutions and aims to supply 10 million households in Europe with either renewable energy or a solar system by the end of the decade.
With the fresh capital, Zolar wants to bring new products to the market and expand its network of engineering partners to 3,000 by 2025 from currently 500 in order to boost its capacity for the installation of new solar plants.
The company's app will be expanded to include an energy management system.
The funding round was also backed by existing investors Inven Capital, Heartcore Capital, Statkraft Ventures and Pirate Impact Capital.
Zolar was founded by Alex Melzer and Gregor Loukidis in 2016. The company sees enormous potential for expansion as more than 14 million of all 16 million roofs of detached and semi-detached houses in Germany do not have a solar system.
(EUR 1.0 = USD 1.052)