Tallinn-based Roofit.Solar has raised €6.45 million round in a funding round that saw further support from BayWa r.e. Energy Ventures and EdgeCap Partners.
In addition to ramping up the production capacity of its building integrated solar roofs, the company says that a portion of the round will be used to accelerate expansion plans beyond its home markets of Germany, Sweden, and Estonia. Moreover, the company plans to train roofing partners, develop new products, and improve the studs and beams behind their roof planning software.
One look at your energy consumption meter and a cross-check of current energy prices, and you’ll be quick to understand why the demand for solar roofing options has skyrocketed across Europe in recent days, months, and years.
A competitor to Sweden’s SunRoof, who announced a raise of €15 million in September of last year, Roofit.Solar is offering all the benefits of rooftop photovoltaic panels sight unseen. Literally.
Leveraging BIPV, or Building Integrated Photovoltaics, technology, that is building materials that incorporate solar energy collection properties, Roofit.Solar (and many others) are eliminating what some might call the unsightly look of placing energy-collecting devices on the roofline of homes.
But in all seriousness, an advantage of BIPV is that this technology can be incorporated into protected historic buildings which are often saddled with regulations about altering the external appearance of the structure.
According to Roofit.Solar, they serve customers from 17 countries across Europe, including Estonia, Sweden, and Germany, Norway, Poland, Austria, Belgium, Switzerland, and the UK.
“We have steadily increased our revenue, developed products, and software, and signed agreements with renowned distribution and roofing companies throughout Europe,” says Roofit.Solar CFO and co-founder Raimond Russak. “As a result, we have gained the trust and backing of our stakeholders, and head into 2023 with confidence on the back of an exceptionally strong 2022.”
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