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.

ENVIRIA is focused on large-scale solar-centric energy solutions and Energy-as-a-Service concepts customized for the distinct needs of businesses. To date, the company has developed more than 105 commercial projects with an installed capacity of over 50 MW – saving over 28,000 tons of CO2 emissions in 2021.

“This investment will allow us to set the scene for ENVIRIA to grow into a decentralized renewable energy platform specifically for the B2B sector. We are incredibly proud to have Redalpine, Galileo Green Energy, BNP Paribas, and Alter Equity on board, as we find their diverse profiles and fundamental understanding of ENVIRIA’s mission to be valuable assets for our future,” says Melchior Schulze Brock, ENVIRIA founder, and CEO.

“Decentralized power production is key to a successful energy transition. ENVIRIA makes solar energy easily accessible to companies and their large roof units by providing all-in-one solar solutions without distracting its clients from their core business. The power generated can be used by the companies themselves, which will lift energy consumption from commercial roofs that currently remain widely unused,” says Antonius Salis, Investment Manager at Redalpine.

Recently, Okra Solar, an Australian renewable energy deep-tech company, raised $2.1 million in a pre-series A funding round. Explorer Investments and Didendum led the funding round, along with Schneider Electric Energy Access & Autodesk Foundation. SDGx, a private UN Sustainable Development Goals (SDGs) technology fund and advisory group, also participated in the round.

According to Mercom’s Q1 2022 solar funding and M&A report, global VC funding for the solar sector in Q1 2022 came to $1.2 billion in 26 deals, a 45% decrease compared to $2.2 billion raised in 19 deals in Q4 2021. Year-over-year funding was 19% higher compared to Q1 2021.