Zolar bags Series C funding of USD 105 Mn to expand supplier network

Berlin-based Zolar GmbH has reportedly secured a Series C funding of USD 105 million to increase its supplier network for small-scale solar systems to cater to the surging demand for clean energy.

The funding round is initiated by Singapore-based sovereign wealth fund GIC, American investor Energy Impact Partners (EIP). Current investors including Heartcore Capital, Inven Capital, Pirate Impact Capital, and Statkraft Ventures also took part in the round.

Germany is facing an energy crisis triggered by the Russia-Ukraine conflict as it heavily relies on Russian gas supplies. This means consumers in Germany are facing soaring gas bills.

While German politicians are under immense pressure to find alternative energy sources and stop monetizing Putin’s regime, householders are seeking ways to migrate from Russia-sourced energy.

Zolar asserted that there has been a significant rise in inquiries regarding solar system installations amid rising energy prices.

The company’s top-selling point is its liberal access to solar energy and curbing difficulties for consumers by providing an online configurator. It is an industry-unique system that offers homeowners the ease to purchase personalized solar deployments online or lease them for a monthly fee.

Before this raise, Zolar secured USD 62.32 million (€59 million). Its small-solar installer network recently benefitted from USD 23 million in support from Ecosia, an eco-targeted search engine.

Apart from planting trees, it announced that it would be channeling a fraction of the profits it produces from search ads into local clean energy to help expedite Germany’s shift from fossil fuels.

With this USD 105 million, Zolar is well-placed to help consumers in switching to clean energy.

To achieve a supposedly unmatched demand for solar energy from German households, Zolar stated that it will significantly broaden its Craftship Partner Network of 500 local businesses to 3,000 by 2025 to increase deployment capacity.

Source credit:

https://techcrunch.com/2022/05/19/zolar-series-c-solar-demand/