Sunmaxx takes in €3.3 million for combination PV-thermal solar panels

Sunmaxx, a startup based out Dresden, has raised funds totalling €3.3 million to drive take up of its solar panels which use photovoltaics and thermal energy to simultaneosuly pump heating and electricity into distribution grids.

Capital raised, Sunmaxx will launch a 50 MW solar production line in Saxony toward the second half of the year. Its combination PV and thermal design is a hot ticket for climate tech because it's cheaper to boil water using solar-derived heat energy, and, also, the thermal collector keeps running even in winter.

The €3.3 million is provided by two German funds, namely a Saxony regional investor, TGFS Technologie Gründerfonds Sachsen, and the New Ventures team at Stuttgart-HQed corporate MAHLE, which first backed Sunmaxx in 2021. In addition to project development, the new funds will also help expand headcount and deliver further solar hybrid R&D.

Johannes Diem, head of corporate planning innovation at MAHLE's New Ventures unit, said he believed Sunmaxx's IP had unique technological advantages over global competitors.

"We see Sunmaxx PVT on a strong growth path," Diem said. "With our know-how in thermal management, we in turn make a substantial contribution to the success.”

Speaking on behalf of TGFS, managing director Sören Schuster noted Germany had experienced a solar boom in recent years. Berlin wants to increase renewables to reduce fossil fuel and nuclear output, and it's not the only European country seeking solar investment in line with their net zero commitments.

Schuster said:  "The solar industry in Germany and Europe has been experiencing an important upswing for two or three years - not least thanks to innovative business models and services."

"In order to implement the energy transition, however, new, fundamental technologies are needed in particular.

"We see great potential here for being able to relocate part of the solar value chain to Europe, and that with technology several years ahead of the competition. We are very pleased to accompany this development here in Saxony together with the very experienced teams from Sunmaxx PVT and MAHLE New Ventures.”