Project Solar, a solar e-commerce firm, raised $23 million in Series A financing to help scale its business in additional markets. The funding round was led by Left Lane Capital, with additional support from strategics within the industry.
The company plans to use the latest institutional capital to scale its digital direct-to-consumer offering in additional markets. The company will also further invest in developing its solar installation technology stack that sits across the entire solar process – from automated quoting to project management.
Project Solar is a solar sales, design, permitting, and procurement company offering a digitally powered automated solar quoting and checkout experience, paired with complete installation services through their proprietary network of contractors.
“Solar has never been more attractive from an investment perspective, nor more needed from an environmental perspective,” says Matthew Smith, President, and Co-Founder of Project Solar. “Our online model allows us to offer top-tier equipment, with warrantied professional installation, for industry-leading low prices,” Smith adds.
According to Mercom’s 1H and Q2 2022 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 company will use funding proceeds to scale up and further develop its solar energy solutions. The round was co-led by Redalpine and Galileo Green Energy. Other investors include BNP Paribas Development and Alter Equity.
Terabase Energy, a solar technology company, recently raised $44 million in series B financing co-led by Breakthrough Energy Ventures and Prelude Ventures, SJF Ventures, and other existing investors. The round brings the total funding to $52 million. It will support the company’s mission to reduce the cost and increase the scalability of solar by building a digital and automation platform for the development, construction, and operation of utility-scale PV power projects.