Solar power has fast become one of the cheapest technologies for electricity generation worldwide, according to the EC. The EU has also been increasingly adopting photovoltaics, a method to harness solar energy and convert it into electrical energy via solar cells, involving a physicochemical phenomenon called the photovoltaic effect. And treading the photovoltaic route is a Berlin-based greentech startup called Zolar.
In a recent development, the company that offers consumers an easy and digital access to residential solar solutions, announced that it has raised €20M in a fresh round of funding.
The investment came via a special purpose vehicle with German bank Berliner Volksbank. The company expects to announce further debt financings over the next few months.
“Generate cheap electricity immediately with a solar system”
Founded in 2016 by Alex Melzer and Gregor Loukidis, Zolar offers photovoltaic systems, which homeowners are able to custom plan, compare, and order online, at a fixed price. The company’s aim is to install solar panels on every roof in the world, making the use of renewable energy as easy as possible for everyone.
Zolar enables households to rent solar power systems for a small monthly fee and gives options to add a solar battery and wallbox. By using the Zolar online configurator, homeowners are able to customise the components of their solar energy system according to their needs and can also receive a personal consultation from one of Zolar’s solar energy experts.
After the leasing period is over, consumers can buy the product and benefit a further ten years from low-cost green energy.
Alex Melzer says, “Nearly everybody wants to lead more environmentally friendly and sustainable lives. However, going green is often easier said than done. Installation process can be quite overwhelming, requiring high efforts, and upfront investments. We want to make solar energy accessible, affordable, and effective for everyone. This means lowering upfront costs and reducing bureaucratic burden, enabling people to make a modern impact on the environment.”
According to the company, a family of four can save about four tons of CO2 per year with a solar system. This is equivalent to six return flights from London to Lisbon or 19,000 kilometers of driving with a petrol-driven car. Tailored products are also available for consumers who want to buy their solar systems outright.
The proceeds from this round will help Zolar to accelerate its solar rental offering, laying the foundation for further growth and entering new markets – thus multiplying its impact on climate change. Zolar wants to make the use of renewable energy as easy as possible for everyone.
Alex Melzer says, “Our latest round of funding will enable Zolar to keep up with demand in Germany and expand its presence within Europe. 2022 is set to be a big year for renewables and a huge 12 months for Zolar. We want to play an important part in Europe’s battle against climate change by pursuing our vision of installing a solar panel on every home. Together, we can create real impact.”
Zolar claims that despite the Covid-19 pandemic, the startup has been able to double its revenue compared to the previous year. The company has raised more than €50M in fundings and has more than 300 employees.