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Soly, a prominent international solar energy company, based in Netherlands, has successfully concluded a funding round, raising €30M. This infusion of capital positions the company to extend its operations into new territories, including Italy, Spain, France, and Scandinavia. The funds will support the introduction of a diverse range of innovative energy services.
The investment round was spearheaded by ArcTern Ventures, an international climate venture capital firm, in collaboration with Fifth Wall, a leading asset manager dedicated to enhancing, future-proofing, and decarbonizing the built environment. Established investors, Shell Ventures and the pension fund ABP, significantly contributed to the round.
Patrick van der Meulen, CEO and co-founder of Soly, expressed, “With Soly, our mission is to make solar energy available to everyone. This investment will propel our ability to help more people and businesses, in even more countries, to switch to sustainable and affordable energy. I am immensely proud of our team’s accomplishments and the trust of our clients over the past decade. I am thrilled to have these impact-driven partners.”
Miguel Nigorra, Partner and Head of Europe for Fifth Wall, highlighted Soly’s unique position in the market, stating, “Soly’s comprehensive, multi-product approach and their great customer and installer platforms, along with its well-proven ability to enter into new geographies with capital and time efficiency, uniquely positions the company to become a utility of the future in Europe.”
Mira Inbar from ArcTern Ventures emphasized the significance of Soly’s role in home electrification and its digital solar sales platform, which boasts compelling unit economics and impressive growth across multiple countries.
Utility Of The Future
Milan van der Meulen, co-founder, explained, “The energy transition has long ceased to revolve solely around generating energy. In the coming phase, forecasting as well as managing renewable energy will be crucial. In 2023, we launched our home energy management system: the Soly Brain®. Based on our dynamic energy contract – it intelligently controls solar panels, home batteries, and charging stations, among other things to create an additional revenue model for the end-user. Eventually, we’ll bundle our users into a Virtual Power Plant to actively balance the energy grid and offer new services. In 2024, we’ll install the first energy networks in the Netherlands & Germany.”
Strong Growth Despite A Challenging Market
The transition from fossil energy to decentralized & renewable energy is characterized by exponential growth but also by erratic market conditions. Driven by extremely high energy prices, the European solar market grew 40-percent in 2022; however, in the latter part of 2023, market demand fell sharply. Due in part to its rapid international expansion, new products, and proprietary software platform, Soly tripled its sales in 2023 compared to 2022. Soly operates in the Netherlands, Belgium, Germany, the United Kingdom, and South Africa, selling and leasing solar energy systems, batteries, and charging stations.
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By Proptechbuzz
By Ravi Kumar
