Lyon-based company Mylight150, named after the 150 million kilometers between Earth and the sun, has successfully secured €100 million in funding for its advanced solar energy management systems. Founded in 2014 by siblings Ondine Suavet and Virgile Suavet, Mylight150 has evolved from a French startup into a scale-up, previously raising €2 million in 2016 and €6.5 million in 2020.
This substantial funding round, entirely in equity, was led by Eiffel Investment Group, Andera Partners, and Azora Capital, a Spanish private equity group, with participation from existing shareholder Elevation Capital Partners. The capital infusion aims to accelerate the company’s solution deployment across Europe and explore new market segments, with the ambitious goal of quintupling its turnover by 2030.
Mylight150 specializes in both hardware and software designed to optimize energy consumption. The company offers cutting-edge solar panels produced in Chinese factories, adhering to Mylight150’s specifications. The core product is a connected box with software that monitors panel production, household consumption, and controls water heaters for optimization.
The software incorporates artificial intelligence algorithms to predict energy production, customizing algorithms for each house based on its unique sunlight conditions. Mylight150’s latest product, “My smart battery,” launched in 2021, enables users to store excess energy, addressing the intermittency challenge of solar power. This virtual battery allows customers to benefit from stored energy during periods of low production or increased demand.
Currently serving 8,000 customers with a total customer base of 30,000, Mylight150 estimates that users can halve their electricity bills and achieve profitability within seven years, compared to 8 to 20 years for traditional solar panels without intelligent systems.
The new funding will facilitate Mylight150’s expansion into the Swiss, Romanian, and Spanish markets, with a strategic focus on Spain, where Azora Capital will act as a key partner. Additionally, the company aims to venture into management and optimization systems for heat pumps, a growing market driven by government objectives in France.
Mylight150’s future plans also include entering the electric vehicle charging station market, allowing customers to optimize charging costs based on their preferences. The company projects that by combining intelligent management for water heaters, heat pumps, and electric vehicle charging stations, it can potentially control 80% of future household expenses.
With 160 employees, 80% of whom are based in France, Mylight150 plans to recruit an additional 100 personnel by the end of 2024, focusing on technology, marketing, and sales roles. The company anticipates reaching €100 million in turnover this year and aims to multiply it by five by 2030.
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By Proptechbuzz
By Ravi Kumar
