SunRoof, a Swedish startup that produces photo voltaic roofing vitality, has raised €13.5 million (~$14.6 million) in extension funding.
Why is that this essential?: Decreasing prices and growing authorities incentives are pushing buyers to rethink the residential photo voltaic market, which is dominated by a couple of incumbents.
Particulars: The World Fund, Nordic Alpha Companions and L&G Capital participated within the all-equity spherical and can be a part of the corporate’s advisory board. L&G Capital may even get a board observer seat, SunRoof CEO Lech Kaniuk instructed Axios.
- Local weather Power Transition led the preliminary €15 million enhance in September.
State of play: The prices related to photovoltaic photo voltaic panels have decreased quickly within the final 5 years, which has contributed to the rise in demand for residential installations.
- Most installations within the US and Europe are mounted on high of current roofs, which assist preserve the panels cool, however there are a set of limitations on the place and the way they are often put in that may result in very vitality technology.
- The World Fund, a fund centered on the European local weather, calculates that the SunRoof can contribute to new photo voltaic installations with 53% of their deployments with a cannibalization fee of 47%, which means each different set up goes to a buyer who chooses to not set up photo voltaic panels. .
The way it works: Kaniuk’s brother, a building engineer, began SunRoof when his clients began requesting extra elegant photo voltaic installations that might additionally help EV charging and warmth pumps.
- The result’s a roof materials fabricated from conventional photo voltaic panels that may be put in throughout renovation or new building with out the necessity for a particular PV panel installer.
- Over time, SunRoof may even supply clients software program to trace their vitality use and technology with the purpose of creating a digital energy plant market for householders to promote extra. vitality, mentioned Kaniuk.
- He expects the VPP market to begin working in Germany, Sweden and Poland by 2024.
