Berlin-based photovoltaic systems provider Enpal has closed a €100 million funding round with the goal of becoming the energy supplier for the 21st century. The startup operates on a subscription model that requires no upfront costs to would-be solar energy users. With this innovative approach, Enpal has installed over 4,500 solar systems in 2020 alone. To date, the firm has raised approximately €110 million.
You’d be hard-pressed to find too many people that would disagree with the benefits of solar power. With zero CO2 emissions, a (hopefully) unlimited power source, and the potential to achieve energy grid independence, what’s the holdup? Frankly put, money. Photovoltaic systems aren’t exactly cheap to purchase and install, not to mention the annual maintenance costs.
To help facilitate ‘solar power for all’, Enpal offers a rental programme that lasts 20 years and includes all installation, maintenance, and repair costs. At a flat fee of €49/month, this often ends up working out to less than a standard electricity tariff. With photovoltaic systems having an average lifespan of 30 to 40 years, and at the end of the contract, Enpal subscribers can purchase the entire system for a symbolic €1.
The startup states that they install the same number of systems on a daily basis in 2021 that they installed in the entirety of 2017, clearly indicating strong market interest.
“We want to build on this momentum to be able to install one million PV systems by the end of the decade,” comments founder Mario Kohle.
Taking things one step further, Enpal has recently added a battery storage option to its 8,000+ customers, allowing them the option to save their energy, quite literally, for a rainy day.
“Only if we can provide people with solutions that are inexpensive, sustainable, and easy, we can prevent a climate catastrophe,” says Kohle.
The hefty investment in Enpal was led by HV Capital, with E.R. Capital, FRIBA Investment, and Heliad Equity Partners also participating. Angel investors including Peter Rive, former CTO and co-founder of SolarCity (acquired by Tesla), HelloFresh co-founder Thomas Griesel, ex-Auto1 COO Christopher Muhr, and other unnamed individuals also joined the round.
Previous support for Enpal has been provided by Delivery Hero Founder Lukasz Gadowski and Alexander Samwer (Picus Capital), the founders of Zalando and Princeville Capital, whose climate technology fund is advised by, among others, actor and environmental activist Leonardo DiCaprio.
Photo via Enpal.