Volt Energy Group, a solar energy firm that develops, finances, and builds rooftop solar and solar carport projects, 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.
Alex Bril, CEO and Co-Founder of Volt Solar Energy, has explained that “Securing a Series A round is crucial to achieve the growth Volt Solar Energy envisions, as we also will invest into the development of new markets and products. The goal is to become one of the national leaders in the B2B and B2C renewable energy and energy efficiency markets. This investment round opens up a new stage for Volt Solar Energy, turning our company into a wider and empowered Volt Energy Group.”
Solar accounted for 48% of all new power capacity added to the U.S. grid in the first nine months (9M) of 2023. The U.S. installed 6.5 GWdc of solar power project capacity in the third quarter (Q3) of 2023, a 35% year-over-year (YoY) increase and a 1% rise from the previous quarter, according to the U.S. Solar Market Insight Q4 2023 report by Wood Mackenzie and Solar Energy Industries Association (SEIA).
Recent market data reveals that only 2% percent of Florida households take advantage of the benefits of solar energy compared to the 17% adoption level of California, the company said.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in 9M 2023, venture capital funding activity rose 4% year-over-year, with $5.7 billion in 51 deals compared to the $5.5 billion raised in 72 deals in 9M 2022.
Recently, Sunsave, a UK-based solar subscription service provider, has raised £5.4 million (~$6.79 million) in funding to support the launch of Sunsave Plus, a service that allows homeowners to get a solar and battery system on a subscription without paying a one-off lump sum.