SunRoof, a Swedish business, has raised more funds as part of an extension of its September investment round to accelerate its global expansion.
With its cutting-edge solar roof system, the business is leading technological innovation in the solar industry.
A syndicate of top European climate technology investors, including World Fund, Nordic Alpha Partners, and L&G Capital, raised €13.5 million as an addition to the deal in September.
It brings the overall growth round for SunRoof, headed by Klima Energy Transition, the Alantra growth equity fund, to €28.5 million.
Currently, one of Europe’s top goals is the switch to renewable energy. The future environmental and societal health of our planet depends on this shift, which will also increase Europe’s energy independence and protect it from swings in world prices. In this environment, together with growing environmental awareness and rising energy costs, demand for solar panels is surging.
Consumers are aggressively encouraged to switch to this renewable energy source, and the public at large concurs. In the European Union, for instance, solar panels will be required for all new construction starting in 2029.
However, the broader industry is having trouble meeting demand since there aren’t enough qualified installers to handle the continent’s expanding consumer base.
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A Swedish startup called SunRoof is trying to solve this issue. SunRoof has now raised further financing in an extension of a €15 million round raised in September 2022 to scale internationally as demand continues to increase and the firm becomes well-known. SunRoof is leveraging both its end-to-end platform and installation tech.
SunRoof, a company founded in 2013 by brothers Karol and Lech Kaniuk, aims to hasten the world’s switch to renewable energy sources. The start-up creates integrated solar roofs that can meet all of a building’s energy needs by producing electricity.
Co-Founder and CEO of SunRoof Lech Kaniuk stated: “In Europe, we’re dealing with two crises: the energy and climate crises. SunRoof is ending the excessive reliance on fossil fuels by enabling people, companies, and governments to access and profit from independent, regenerative energy.”
Lech Kaniuk continued, “I’m thrilled to have this outstanding group of investors on board; they represent the ideal funding mix for SunRoof at this stage of expansion. I firmly believe we will be able to accelerate our growth even further and will be well-positioned to quickly conduct our international expansion at the end of 2023 thanks to this group of brilliant climate investors with the resources to provide hands-on support and connections to their respective networks.”
Building-integrated solar roofs are revolutionizing the solar energy industry by providing homeowners with an all-inclusive, visually beautiful energy management solution.
SunRoof is on a quest to create the largest, smartest network of connected solar houses in the world by fusing cutting-edge technology with cutting-edge energy data monitoring software.
The platform of SunRoof is built on 2-in-1 solar rooftops. These roofs produce electricity without the need for conventional solar modules with top mounting.
SunRoof creates solar roofs that are the most productive per square meter anywhere in the world while also keeping prices down by fusing conventional materials with cutting-edge energy-capturing technology.
Additionally, because the roofs utilize fewer resources and materials than conventional roof and PV systems, it lowers carbon emissions.
Along with offering roof installation, SunRoof also offers energy storage and a website where consumers may follow the progress of their roofs. After installation, consumers can use an app to monitor their energy consumption and production.
“Solar panels are one of the most powerful tools we have to pioneer a regenerative future and combat the climate crisis, but there is still a lot of reluctance from prospective customers, not to mention the supply chain challenges and installation crisis which are holding back the industry,” said Tim Schumacher, General Partner at World Fund.”
“To address the climate catastrophe and stop megatonnes of CO2 from entering the atmosphere, we need to think like SunRoof, Tim continued.
SunRoof had a thrilling year and is now off to a strong start in 2023. The crew has grown 13-fold since January 2020, and the company has reported 300% growth year over year.
This money will assist accelerate market expansion now that it has clients in Sweden, Germany, and Poland (as well as pilots in the US).
According to Rasmus Lund, Investment Partner at Nordic Alpha Partners, “Sunroof is poised to convert its current regional front-runner position into becoming a European category leader in the booming BIPV space due to its efficient core product servicing a large and fast-growing market favored by non-cyclical tailwinds and a digitized market approach that has already proven successful in different markets.”
Product development is also given top priority by the company. A software platform covering the entire path, from customer orders to operations and delivery, is now being developed.
With the help of this, it will develop predictive algorithms that can foresee demand and guarantee that it always has the appropriate stock available. Early in 2023, this utility will be fully released.
John Bromley, Managing Director – Clean Energy Strategy, Legal & General Capital, stated: “Over the past six years, our investments have focused on decarbonizing power, transportation, and the built environment. Legal & General Capital is investing in the energy transition to support the scale-up of innovative businesses that deliver solutions to reduce carbon emissions throughout the economy.”
John Bromley continued, “We are thrilled to invest in SunRoof, a company bringing innovation in design and customer experience to rooftops throughout Europe, to support individuals and organizations in their move away from fossil fuel-generated power. As SunRoof expands into new areas globally, we are eager to collaborate with our new partner.”
Image Credit: SunRoof
