Swift Solar Raises $27 Million in Series A Funding

Samara, a provider of solar and energy storage solutions for households, secured a €9 million (~$10 million) in Series A funding round. With this funding, the company plans to expand its services, develop new products, and reach larger market segments with its financing solutions.

This round was led by Green Generation Fund and Move Energy, accompanied by impact funds Ring Capital and Athletico Ventures. Additionally, both Seaya and Pelion Green Future, the technology and sustainability-focused funds that led the pre-seed and seed rounds, have participated again in this round.

Founded in 2022 by Iván Cabezuela and Manel Pujol, the company is focused on assisting households in their energy transition and aims to become a decentralized energy provider for consumers. The company claims to have grown rapidly, expanding to cover around 74% of the national territory.

In addition to solar installations, Samara offers batteries for homes and electric vehicle chargers.

Per Spanish power grid operator Red Electrica de Espana, Spain generated 50.3% of its electricity from renewables during 2023, of which 14% was from solar.

According to Mercom’s Q1 2024 Solar Funding and M&A report, global VC funding for the solar sector in Q1 2024 came to $406 million in 13 deals, an 81% decline YoY compared to $2.1 billion raised in 18 deals in Q1 2023. Funding declined 68% QoQ compared to the $1.3 billion raised in 19 deals in Q4 2023.

Volt Energy Group, a solar energy firm that develops, finances, and provides rooftop solar solutions, raised $6 million in a Series A funding round. This funding will be directed towards boosting their presence in the Florida residential market. Additionally, the group aims to extend its footprint into the commercial and industrial sectors globally.