Glint Solar, a company that provides software for solar developers, raised $8 million in a Series A funding round led by Smedvig Ventures with participation from Momentum, Futurum Ventures, and Antler.
The company aims to use the funding to accelerate the growth of its SaaS software platform that enables solar developers to evaluate and pre-design sites for projects, expand its product offerings, and enter new markets to serve existing and new solar developers.
“The solar industry has done a great job at developing ways to harvest green energy, but now we need better processes to get these plans in motion. This is the gap that Glint Solar is filling. As one of the first unified products for utility projects on the market, Solar Developers, Engineers, Analysts, and Management can find everything they need to locate the best land spaces quickly and accurately.” Jonathan Lerner, Partner at Smedvig Ventures, said.
The company states that its software provides high-quality data based on satellite technology to help customers identify solar projects, offering better project margins.
By 2025, the company plans to provide insights and software tools for solar developments and extend its software to include Battery Energy Storage System development.
Gustav Alberius, Chief Strategy Officer of Turn Energy, said, “The Glint Solar software has significantly boosted our development processes by having a centralized platform where we can evaluate buildability, permit conditions, and yield as early as in the origination process. It has effectively allowed us to 3x our project pipeline and reduce development costs. We’re very excited to follow Glint Solar’s continued innovations in the solar software space.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, VC funding activity decreased 29% year-over-year, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023.
In 2022, Berlin-based startup Zolar, a platform that serves as an online configurator for the planning and subsequent purchase of a rooftop PV system, received a $23 million investment from Ecosia.
