Berlin-based Sunhero has raised €10 million in a Series A round led by Planet A and Vorwerk Ventures. The investment saw Redstone participating alongside the continued support of Speedinvest and All Iron Ventures. This now brings Sunhero's total capital raised to €13.5 million.
According to the startup, the capital will be used to support further expansion of its market position in its always-sunny-in Spain. In addition to spreading its wings in Spain, Sunhero intends to add an EV charger offering to its software development and photovoltaic panels business lineup.
Similar to Enpal and Zolar in offering consumers a hassle-free method of installing customised photovoltaic solar systems on their homes, be that either purchasing outright or renting for a 20-year period, Sunhero has over 100 employees working in Spain, Germany, Italy, Egypt, and Ukraine.
While the company still calls Berlin home officially, in 2022 it opened an HQ office in Barcelona, and for a good reason. Preceded only by Germany and Italy when it comes to the production of solar power, uptake of photovoltaic systems in residential properties in Spain has lagged behind other EU markets, something Sunhero wants to change, and has ample sales opportunities laying at it's doorstep.
According to the company has installed close to 1,000 systems in Spain to date while producing approximately 2,000 MWh of electricity. Now in addition to just solar energy collection and storage, Sunhero wants to get into the game of delivery, specifically EV chargers.
“Recent policy changes, the growth in EVs and global geopolitical struggles have resulted in rapid increase in customer demand for independent and clean energy in Spain. This is a perfect storm for solar," explains Sunhero CEO and co-founder Christopher Cederskog. “We have all the potential to shake up the market and deliver outstanding solutions to scale up consumer transition to solar.”
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