Dutch firm SOLHO bags €580K with backing from Rabobank, SHIFT Invest for thermo-solar plants

Delft-based SOLHO, an energy company that specialises in large thermo-solar plants, announced on Tuesday, March 14, that it has raised €580K from SHIFT Invest, Rabobank, and a group of business angels. 

SHIFT invested in SOLHO from the Thematic Technology Transfer fund (TTT), a collaboration with the four Dutch technical universities (WUR, TU/E, UT, and TU Delft), TNO, and RVO.

SOLHO says the capital will allow it to accelerate its growth with a focus on industrial applications in the Netherlands and Italy. As a result, the company will use the funds to expand its headcount. 

“We are pleased to announce this investment round, with which we aim to enter the Italian market, whose industrial sector is still extremely dependent on gas consumption,” says Adriano Desideri, CEO and co-founder of SOLHO.

SOLHO: Spin-off of TU Delft

SOLHO was founded in 2017 by a team of Italian researchers from TU Delft and ETH Zurich.

The Dutch firm provides solar thermal systems designed to heat and cool medium to large enterprises by utilising solar energy instead of gas, thereby decreasing greenhouse gas emissions, eradicating reliance on non-renewable fossil fuels, and considerably cutting down expenses.

SOLHO focuses on sectors such as greenhouses, food & beverages, textile, chemical, heating & cooling networks, and the paper industry.

In Italy, the company claims to be the only company to offer turnkey solar thermal solutions or HaaS (heat as a service) contracts. 

Eliminate dependence on fossil fuel

SOLHO says its technology, called SPRHOUT, is capable of converting solar energy into heating and cooling, producing hot water up to 95°C and cold water up to 7°C based on demand.

To make industrial processes more efficient and cost-effective, SOLHO evaluates the energy usage of a company and instals a properly sized SPRHOUT system.

The complete package solution of SPRHOUT includes the purchase of the system, monitoring, and maintenance services, which can cover up to 100% of a company’s energy needs for heating.

Alternatively, the company’s HaaS or heat purchase option involves the financing, building, and management of SPRHOUT by the company, while businesses can buy thermal energy directly from SOLHO at a fixed rate. 

This allows companies to purchase the energy they need at a lower price and a guaranteed fixed rate, with no risk of uncontrolled growth in costs or supply shortfalls.

At present, the Dutch company operates worldwide, with projects in France, the Netherlands, Saudi Arabia, and Italy.

SHIFT Invest

SHIFT Invest is a Dutch impact venture capital fund that invests in innovations related to food & agriculture, green industries, circular economy, energy transition, and sustainable mobility & logistics. 

Janneke Bik, Partner at SHIFT Invest, says, “SOLHO has developed unique capabilities in solar heating systems that cut CO2 emissions substantially. This investment, therefore, fits perfectly with our fund’s strategy and we look forward to helping the team further on its way with our background, experience, and network.”