Zolar, a Berlin-based startup that develops solar panel systems for consumers, has raised an additional €15 million to expand internationally, closing its Series B round at €25 million. Overall the round included lead investor Czech VC Inven Capital, which specialises in greentech, as well as TS Ventures, Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech Partners.
The German company produces photovoltaic systems which manage renewable energy for people’s homes, providing power when needed and storing the rest. According to a press release, revenues this year have doubled compared to 2019.
“The new funding paves the way for us to become the go-to company for clean energy and individual solar systems, to expand internationally and to establish ourselves as a data provider,” says CEO Alex Melzer.
The greentech startup aims to become a “key data provider for accelerated energy transition” by optimising its digital platforms: the Zolar Online Configurator for customers, and Zolar Project Center, a portal for partnered installation technicians, helping them digitise their side of the work.
Founded in 2016, the company raised a €4 million Series A round three years ago.