Allume Energy, a provider of residential solar solutions, has secured £4 million (~$4.6 million) in funding from E.ON UK, an energy company.
The Australia-based company, with its proprietary SolShare technology, which is designed to directly connect multiple apartments to a single rooftop solar system, aims to assist customers who have been unable to access the energy generated by the solar panels on their buildings.
This process is referred to as ‘behind the meter,’ where energy is generated and consumed at the same location. This allows residents to maintain their choice of energy provider, with no external changes required by suppliers or network providers.
The funding from E.ON UK is anticipated to assist Allume in expanding its presence in the U.K. while contributing to E.ON’s goal of advancing the transition to clean energy.
“People living in flats experience the highest fuel poverty rates in the U.K. yet have historically been locked out of rooftop solar due to technical and ownership considerations. SolShare enables them to access free, clean energy from the sun. Working with E.ON UK offers a transformational opportunity for Allume to scale our existing offerings and create new models across Europe, where 300 million people live in low and medium-rise apartment buildings,” said Cameron Knox, CEO of Allume.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A Report, global VC funding for the solar sector in Q1 2025 totaled $1.4 billion across 14 deals, representing a 237% year-over-year (YoY) increase from $406 million raised in 13 deals in Q1 2024. Funding increased 40% QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
In January, Palmetto, a provider of residential solar solutions, raised over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans in the U.S. Morgan Stanley, Truist Bank, and other prominent financial institutions are among the group of investors who fund the residential energy leases nationwide.
