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Solytic raises funds from Vattenfall, EWE

Solar panels. Photo by: Innovative Solar Systems (www.innovativesolarsystemsllc.com).

February 25 (Renewables Now) - Swedish utility Vattenfall and energy and telecommunications group EWE AG led the latest financing round for Solytic, the solar monitoring software developer said on Tuesday.

In addition to Vattenfall, which has been an investor in the German company since it was founded in 2017, and EWE, a number of additional investors joined the Series A round, including Thelo Investors. Overall, Solytic said it raised "a medium seven-digit sum."

The company will use the funds to step up product development and global expansion. Solytic currently monitors over 100,000 photovoltaic (PV) farms and aims to increase that number to 1 million within the coming three years, according to the statement.

The software developed by the company analyses existing data in order to optimise the operation of solar systems.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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