Zolar, a Germany-based solar-powered energy system installer, has raised €15m in an expansion of its series B round from a consortium including multiple corporate venturing units.
The B round is now €25m following reinvestment from Inven Capital, corporate venture capital fund of Czech-based energy group CEZ Group supported by the European Investment Bank, Statkraft Ventures, a venture firm backed by the Statkraft Group, Europe’s largest producer of renewable energy, BayWa RE Energy Ventures, corporate venturing unit of Germany-based energy company BayWa, and venture capital firm Partech and Heartcore Capital.
In August last year, Zolar raised €10m ($11m) in a series B round co-led by Baywa RE Energy Ventures and Inven Capital.
Founded in 2016, Statkraft Ventures and Heartcore (then known as Sunstone Capital) co-led a $4.7m series A round for Zolar in late 2017 that also featured Partech Ventures and Tim Schumacher.
Petr Míkovec, managing director of Inven Capital, said: “We see strong signs for anti-cyclicality in the PV [photovoltaic] market, driven by the threat of the pandemic and recession. As a result, people thrive to achieve energy independence while increasing the value of their property. This creates great opportunities for Zolar, which is also confirmed by Zolar’s 100% annual revenue growth.”
The financing will enable Zolar to expand internationally from Berlin, Germany, through its digital customer platform, the Zolar Online Configurator, and the Zolar Project Center for partnered installation technicians.
