Berlin-based startup Zolar, a platform that serves as an online configurator for the planning and purchasing a rooftop PV system, raised €100 million (~$105.76 million) in a Series C funding round.
The funding round was led by Energy Impact Partners and GIC and participation from existing investors, including Inven Capital, Heartcore Capital, Statkraft Ventures, and Pirate Impact Capital.
The company intends to use the new funds to expand its existing business reach and roll out new digital energy products. The app will be expanded to include an energy management system and a dynamic electricity tariff.
In March 2022, Zolar received a $23 million investment from Ecosia. In March 2021, Zolar received investment and added €10 million (~$11.9 million) to the ongoing Series B funding round, raising the total investment of this series to €35 million (~$41.7 million). The investment was led by Energy Impact Partners, headed by its managing partner Matthias Dill.
Recently, Optivolt, a solar technology provider that enables self-powered IoT devices, 5G infrastructure, military equipment, robotics, and EVs, has raised $8 million in a seed funding round. Including the latest round, Optivolt has raised $10.1 million to date. The company plans to use the funds to expand its operations and business reach. Atlas Innovate led the funding round with Social Impact Capital, Pure Ventures, City Light Capital, and Peter Relan, an initial investor in Discord.
Last week, Ambient Photonics, a low-light solar photovoltaic cells company, raised $31 million in Series A funding. The company plans to use the new funds to build the US’s largest low-light solar cell production facility. Amazon’s Climate Pledge Fund and Ecosystem Integrity Fund (EIF) led the funding, with Tony Fadell’s Future Shape and I Squared Capital participating.
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.