Lithuania-based PVcase, a solar technology solution that helps design, estimate, and optimise commercial- and utility-scale solar assets, announced that it has secured $23M (approx €19.9M) in its Series A round of funding.
Investors in this round
The round was led by Elephant VC, a venture capital firm focused on enterprise software, consumer internet, and mobile markets. The company was founded in 2015 in Boston, Massachusetts.
As part of the transaction, Elephant VC’s Peter Fallon will join PVcase’s Board.
Fallon says, “On a mission to fight climate change with software, PVcase has quickly established itself as one of the most exciting solar technology companies in the world. These are solutions built by solar engineers for solar engineers and provide an opportunity to begin a new era of accelerated solar innovation.”
The round also saw participation from existing investors Contrarian Ventures, and Practica Capital.
Funds for expansion in new markets
The proceeds from this round will help PVcase to further develop its products, support expansion in the US, and accelerate hiring for both remote positions and roles across offices in Lithuania, Spain, and Germany.
In developing its product portfolio, the company will invest in building a data-driven solar technology platform for all solar engineering needs. This includes a product pipeline to cover the entire solar project lifecycle – from sales and development to construction, operation, and maintenance.
Speaking on the development, PVcase’s founder & CEO David Trainavicius says, “Securing one of the biggest clean technology funding rounds on the heels of achieving 4x ARR growth over the last year further validates the innovation PVcase is bringing to the entire value chain. We are proud to be leading the way as companies look for engineering solutions to help streamline the end-to-end processes of PV design.”
Aims to accelerate global transition to clean energy
According to PVcase, renewable energy is set to overtake coal and gas by the end of 2024, with solar energy being the key driver of this transition. Although it evolves faster than wind and hydro due to the falling development costs, solar PV technological innovation along the entire value chain is needed to meet the growing demand.
Despite resources already invested in the solar market, the solar engineering industry has struggled to maintain pace and is lacking digitisation. This is where PVcase looks to make a difference.
By connecting the entire solar planning workflow, the company claims that its solutions empower organisations to make data-driven decisions when optimising designs and assessing the viability of commercial and utility-scale power plants.
Founded in 2018 by David Trainavicius, PVcase, which stands for PhotoVoltaic Computer Aided Solar Engineering, helps companies design, estimate, and optimise commercial and utility-scale solar assets. It also claims to allow its customers to deliver projects faster than their competitors by transforming complex engineering processes with a simple and intuitive interface.
The company offers two products:
- PVcase Ground Mount: AutoCAD-based solar design software for utility-scale solar power plants. It enables solar engineers to reduce project costs, boost reliability and improve solar plant performance
- PVcase Yield: a cloud-based energy modelling software for solar PV systems. It helps solar engineers and developers to estimate the performance of photovoltaic power plants and assess their economic potential
As of now, PVcase has delivered services to customers in more than 50 countries in Europe, North and South America, Asia, and Australia. Some of their clients include BayWa r.e., Borrego, Statkraft, and Atwell Group.