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The company intends to use this fund to the expansion of its business
July 25, 2022
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Solarstone, a solar roofing startup, raised €10 million (~$10.2 million) in funding. The company will use these funds to expand its integrated solar PV solutions business across Europe and beyond.
Leading the round was Biofuel OÜ – an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
This is Solarstone OÜ’s second significant funding round. Sunly, one of the renewable energy companies in the Baltics, joined the company in 2019.
According to Silver Aednik, co-founder and CEO of Solarstone OÜ, “energy production and consumption patterns are undergoing a major shift, with prosumer-generated capacities balancing the shortcomings of centralized energy generation.”
“The shift has led many to look towards adding their production capacity to where they live. Solarstone’s technology removes all barriers to making it happen as it makes it profitable, beautiful & climate conscious of adding solar directly to where they live,” added Aednik.
The investment will enable Solarstone to upgrade production and develop the teams in Estonia and other strategic markets. The company is actively recruiting proptech experts to grow private and business segments.
In addition, Solarstone is investing in software solutions that empower stakeholders in the construction industry to design and procure solar power plants more effectively.
Recently, Summit Ridge Energy – an owner and operator of community solar assets – has secured a $175 million strategic investment from Apollo Funds, a global investment management firm.
According to recently released Mercom’s 1H and Q2 2022 solar report, in 1H 2022, venture capital (VC) funding activity rose 125% with $3.7 billion in 53 deals compared to the $1.6 billion raised in 26 deals in the first half of 2021.
In June 2022, German-based solar startup ENVIRIA raised €22.5 million (~$23.6 million) in a Series A funding round. The round was co-led by Redalpine and Galileo Green Energy. Other investors include BNP Paribas Developpement and Alter Equity. The company will use funding proceeds to scale up and further develop its solar energy solutions.
Arjun Pradeep
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