Swedish Solar Installer SunRoof Raises €4.5 Million

Sweden based residential solar rooftops installer, SunRoof closed a Euro 4.5 million funding round led by Inovo Venture Partners, a Poland based investor which backs early-stage and post-traction startups. It was the second round of investment of the seed extension round in under six months, taking total funding to Euro 6.5 million.

The funding was completed with a Euro 2 Million support from SMOK Ventures which came in the form of convertible notes. Also, the other investors who participated in the oversubscribed round include LT Capital, EIT InnoEnergy, FD Growth Capital, and KnowledgeHub.

SunRoof claims of building the largest, smartest network of connected, solar homes in the world, using its innovative rooftop technology, with energy data logging software. Hence, it believes that it is currently on track to reach a Euro 100 million valuation by the end of 2021.

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According to the rooftop installer, it will hire more than 100 people additionally in 2021 alone, supported by fundamental growth across Europe. Interestingly the startup is aiming to challenge Tesla’s dominance in the European solar energy market along with becoming Europe’s largest energy marketplace and virtual power plant.

Speaking of the developments in the energy market, SunRoof’s CEO, Lech Kaniuk stated, “Renewable energies are fast becoming a standard on a global scale but the transition isn’t going fast enough for our, or the wider health of the planet’s, liking. The SunRoof was founded to make the move to renewable energy not only easy but highly cost-effective without ever having to sacrifice on features or design.”

“We’ve already grown more than 500% year-on-year and will use the latest funding to double down on growth. All while further developing our end-to-end solar energy service that will see SunRoof become Europe’s largest energy marketplace and virtual power plant,” Kaniuk added.

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As the company claims, it is making 2-in-1 solar rooftops and that generate electricity without having to use traditional photovoltaic modules. By combining traditional materials with state-of-the-art energy-capturing technology, which consists of monocrystalline solar cells sandwiched between two sheets of glass. Instead of placing unsightly panels on existing roofs, or attempting to replicate the shape and design of standard roof tiles.

SunRoof claims to not only making the most powerful solar rooftops, per square meter, anywhere in the world, but it can keep costs low while reducing the firm’s carbon footprint.