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After a first closing announced in September, solar power pioneer SunRoof is announcing a €13.5 million extension with new investment from a syndicate of leading European climate tech investors, including World Fund, Nordic Alpha Partners and L&G Capital. The extension takes SunRoof’s total growth round, led by Klima Energy Transition, the growth equity fund of Alantra, to €28.5m and will be used to drive its expansion plans across Europe and the US.
SunRoof is a Swedish startup revolutionising the capture and use of renewable energy through its solar roof system. It delivers the most powerful building-integrated solar roofs on the market by offering building and homeowners a complete, end-to-end energy management system. By combining this innovative technology, with market-leading energy data logging software, SunRoof is on a mission to build the largest, smartest network of connected, solar homes in the world.
At the heart of SunRoof’s platform are 2-in-1 solar roofs and innovative façades that generate electricity without having to use traditional top-mounted photovoltaic modules. By combining traditional materials with state-of-the-art energy-capturing technology, SunRoof not only makes the most productive solar roofs, per square metre, anywhere in the world, but it is able to keep costs low. This is all while reducing the company’s carbon footprint, using fewer resources and materials than traditional roof and PV installations, and with an aesthetic design that pleases and delights customers.
In addition to its roofs and facades, the SunRoof system comes with energy storage and a digital platform where SunRoof customers can track every stage of their roof’s construction – from design to build to delivery. This includes being able to see how the roofs will look through AR. Once installed, customers then get complete oversight of their energy production and consumption via SunRoof’s energy app.
The new funding follows a year of significant growth for the company – up 300% year on year and the team has increased 13-fold since January 2020, to more than 150 people Europe-wide. SunRoof now has customers in Sweden, Germany, and Poland, along with pilots in the US, and will use the funding to continue to grow and consolidate its leading position in existing markets. This latest funding extension takes SunRoof’s total raised, since launch, to €35 million following a first closing in 2022 led by Klima Energy Transition, and investors including Inovo VC, SMOK Ventures, Alfabeat and Level2 Ventures.
In Europe, we’re facing two crises: the climate and the energy crises. SunRoof is enabling consumers, businesses and governments to access and benefit from independent, regenerative energy and end the overreliance on fossil fuels. I’m delighted to have this brilliant consortium of investors on board, who collectively are the best possible combination of funds for SunRoof at this growth stage. Thanks to this group of brilliant climate investors with resources to provide hands-on support and connections to their respective networks, I truly believe we will be able to accelerate our growth even further and will be well-positioned to rapidly conduct our international expansion at the end of 2023, said Lech Kaniuk, Co-Founder and CEO of SunRoof.