German electric utility Enercity AG is acquiring a 30% stake in Cologne-based photovoltaics start-up Installion GmbH to boost its capabilities in the solar sector.
Founded in 2019, Installion uses a digital platform to carry out assembly works for photovoltaic systems, e-charging boxes and storage systems. With about 100 employees, the start-up generates revenues of EUR 4 million (USD 4.57m) and has set ambitious growth targets. The company plans to rapidly expand its existing network of hubs, doubling their number to 20 by the end of this year, in a bid to benefit from the unmet demand for assembly capacities in the photovoltaic industry.
The partnership with Enercity will give Installion additional power to set up its new hubs even more quickly and thus ensure the delivery of its PV and charging box products nationwide.
With the Hanover-based utility, Installion has attracted another major investor after the venture capital arm of Dutch Eneco bought about 30% of the start-up last year as part of a Series A financing round. The rest is owned primarily by the founders Florian Meyer-Delpho, Claus Wohlgemuth and Till Pirnay.
Enercity supplies about one million customers with electricity, heating, natural gas and drinking water and provides services related to e-mobility, decentralised solutions and energy efficiency. The investment in Installion will support the utility's growth plans in the area of digital and decentralised energy solutions.
(EUR 1 = USD 1.143)
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