Energy Impact Partners leads EUR10 million investment in German domestic solar startup

• Berlin-based greentech start-up Zolar has raised an additional EUR10 million (US$ 11.9 million) in a financial investment round led by Energy Impact Partners.

The fundraising event led by financier EIP has actually included EUR10 million to Zolar's collection B financing, bringing the fund's total to EUR35 million, which will certainly be made use of to triple the household installer's solar ability in Germany as well as accelerate its development.

Alex Melzer, founder of and chief executive of Zolar, claimed the company has actually had the ability to expand its revenues "dramatically" regardless of traveling limitations as well as work disruption enforced by Germany's COVID-19 lockdown.

" In the past year, we have been able to expand our revenue dramatically, and also in 2021, we are targeting to three-way setups throughout Germany," he stated, including that the extra EUR10 million from EIP would take the firm "to the following level".

" The investment of Energy Impact Partners reveals that investors recognise the importance of regenerative energy."

Zolar products photovoltaic or pv systems which handle renewable energy for homeowners. The firm increased EUR4 million during series A financing in 2016 as well as, likewise raised EUR15 million from financiers including Czech VC Inven Capital, TS Ventures, Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech Partners last September to increase its business overseas.

EIP's handling partner Matthias Dill said that Zolar is "one of the fastest expanding energy startups in Germany", adding that the financial investment would supply the company with continuous support it its development plans.

German solar designers installed 4.88 GW of PV ability last year, driven by a rise in domestic systems, according to the Federal Network Agency (Bundesnetzagetur). About 151,700 smaller sized PV systems were set up last year, totalling 1,131 MW capacity, and also setups with a power limitation of 10kWp enhanced their share of the market from 15% to 23%.