Solar Startup Zolar Secures $23 Million in Funding from Ecosia

Berlin-based startup Zolar, a platform that serves as an online configurator for the planning and subsequent purchase of a rooftop PV system, received a $23 million investment from Ecosia.

Dragged into the spotlight with Russia’s invasion of Ukraine, European dependence on fossil fuel-based energy supplies is no longer an ‘if it isn’t broke, don’t fix it’ situation. Ecosia’s injection of capital is aimed at intensely accelerating the adoption of purchasing or renting a PV system for as little as €54 (~$59.6)/month.

“For too long, we have depended on fossil fuels for energy despite the increasing warnings from climate scientists. This should no longer be an option anymore, not just for the planet but for the sake of the geopolitical crisis in Europe. Countries need to acknowledge and leverage the freedom that wind and solar power provides to their citizens by allowing it to be readily available locally,” commented Ecosia COO Dr. Wolfgang Oels.

“There is no excuse for inaction now; businesses, countries, and citizens need to step up and make the change to renewable energy,” he added.

According to Mercom’s Q4 2021 solar funding and M&A report, global VC funding in the solar sector in 2021 jumped to $4.5 billion in 58 deals, a 281% increase compared to the $1.2 billion raised in 41 deals in 2020.

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.

Earlier this week, Berlin-based Solytic, a solar energy monitoring platform, raised €2 million (~$2.2 million) in funding. The round was led by German energy company EWE AG and Polish fund SpeedUp Energy Innovation, powered by PGE Ventures. Solytic plans to use the funds for further product development and creating AI-based care technology for PV installations.