SunRoof, a Sweden-based rooftop solar systems provider, announced a €13.5 million (~$14.6 million) extension with a new investment taking its total growth funding round to €28.5 million (~$30.8 million).
The company plans to use the funds to drive its expansion plans in Germany, the Nordics, Poland, and the U.S.
The new funding extension was from World Fund, Nordic Alpha Partners, and L&G Capital.
The funding round, which first closed in September 2022, was led by Klima Energy Transition, the growth equity fund of Alantra.
SunRooof provides building-integrated rooftop solar systems and end-to-end energy management systems. The company offers 2-in-1 solar roofs and innovative façades that generate electricity without using traditional top-mounted photovoltaic modules.
The company aims to cater to the rising solar rooftop demand in European and other global markets.
The European Commission, in a recent proposal, recommended a solar rooftop initiative, mandating all new public, commercial and residential buildings to install solar panels in a phased manner.
Lech Kaniuk, Co-Founder and CEO of SunRoof, said, “In Europe, we’re facing two crises: the climate and the energy crises. SunRoof is enabling consumers, businesses, and governments to access and benefit from independent, regenerative energy and end the overreliance on fossil fuels. Thanks to this group of brilliant climate investors with resources to provide hands-on support and connections to their respective networks, I truly believe we will be able to accelerate our growth even further and will be well-positioned to rapidly conduct our international expansion at the end of 2023.”
This latest funding extension takes SunRoof’s total raised, since launch, to €35 million (~$38.16 million) following a first closing in 2022.
According to Mercom’s Annual and Q4 2022 Solar Funding and M&A Report, the total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion, a decline of 13% compared to the $27.8 billion raised in 2021.