Greentech startup Zolar has received a $23 million investment from Ecosia, as the environment-focused search engine calls upon other European businesses to follow in its footsteps and reduce an over-reliance on fossil fuels.
Having already invested $7 million in renewable energy that allows for the creation of 200% of the energy it needs to power its searches and data centres, also Berlin-based Ecosia, is going one, two, and three steps further with a $23 million vote of confidence in solar panel installation facilitator Zolar.
Dragged into the spotlight with Russia’s invasion of Ukraine, European dependence on fossil fuel-based energy supplies is no longer a, ‘if it ain’t broke, don’t fix it’ situation, and Ecosia’s injection of capital is aimed at dramatically accelerating the adoption of purchasing or renting a photovoltaic system for as little as €54/month.
“We calculated that if we covered every roof in Europe with a photovoltaic system, we could offset the entire CO2 emissions of Spain, France, and Italy together. This shows what a significant contribution to climate protection is possible when the vast majority participates,” commented Zolar CEO and founder Alex Melzer.
To put Ecosia’s investment into context, one unintended consequence of the Russian government’s aggression has been a crippling of the economy. While BP is exiting its 20 percent stake in Russian gas company Rosneft at a $25 billion loss, it’s only investing $5 billion annually in renewable energy. Ecosia makes the argument that if global businesses were to invest the same amount BP is willing to write off in a single sale, the current trajectory of the climate crisis would look vastly different.
“For too long we have depended on fossil fuels for energy despite the increasing warnings from climate scientists. This should no longer be an option anymore, not just for the planet but for the sake of the geopolitical crisis in Europe. Countries need to acknowledge and leverage the freedom that wind and solar power provides to their citizens by allowing it to be readily available locally,” commented Ecosia COO Dr. Wolfgang Oels. “There is no excuse for inaction now; businesses, countries, and citizens need to step up and make the change to renewable energy.”