Erthos, an energy technology company focused on advances for utility-scale solar, raised $17.5 million in a Series B financing round.
The funding round was led by Capricorn Investment Group. The investment was made by Capricorn’s Technology Impact Fund, a venture capital partnership that invests in companies developing novel technologies and business models to propel a new wave of renewable companies and infrastructure.
The company plans to use the fresh funds to expand its team and support further product development in robotic cleaning, system analytics, and modeling software.
In 2019, Erthos raised $7.4 million in Series A financing, which helped launch the company, finalize the development of its Earth Mount Solar PV system architecture, establish its autonomous cleaning robot, and secure its first portfolio of projects. In August 2021, Erthos raised $0.5 million in equity funding.
Erthos is set to scale with over 2.5 GW of the active project pipeline with its Series B financing.
“With this financing, we have the resources to execute phase two of our market rollout,” says Jim Tyler, CEO of Erthos.
“With experience in solar technologies, solar development, artificial intelligence, and autonomous devices, Capricorn brings strategic advantages. We are excited to have Capricorn in the Erthos family and look forward to this next phase of execution,” added Jim Tyler.
Including the latest funding round, Erthos has raised $25 million to date.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. This is the highest amount of VC funding for the solar sector since 2010.