Paris-based Ensol raises €3M to accelerate solar energy accessibility

Paris-based Ensol, a startup focused on photovoltaic equipment, has secured €3M in a fresh round of funding from Otium Capital, an investment company managing the assets of Pierre-Edouard Stérin.

Otium Capital’s founder, Pierre-Edouard Stérin is an entrepreneur (founder of SmartBox Group), turned investor for more than 10 years.

Simplifying solar energy self-supply to make it accessible to all

Ensol mentions in a statement that electricity prices have surged significantly since late 2021, with a 15 per cent spike in February 2023. Despite a state-imposed price cap, another increase is anticipated in 2024 due to the energy transition. 

In this context, solar energy self-supply is gaining popularity, offering reduced power bills and the ability to sell surplus energy.

Founded in 2023 by Paul de Préville and Martin d’Hoffschmidt, Ensol aims to simplify solar installations and accelerate France’s energy transition. 

It provides customised, affordable photovoltaic installations, enabling consumers to cover their investments. 

According to the company, France lags behind EU decarbonisation targets, with only 4 per cent of households equipped with solar installations compared to 25 per cent in the Netherlands and 12 per cent in Germany. 

Ensol’s turnkey solution offers tailored guidance, maximising returns on investment and making solar energy accessible to a wider audience.

Capital utilisation

Ensol will use the funds to make solar energy self-supply accessible to all and accelerate the energy transition. 

It aims to achieve this by offering solar panels through leasing, integrating the production chain, and creating a decentralised, low-carbon Virtual Electric Hub, ensuring affordability, sustainability, and widespread availability of solar energy.

The money will also help the startup explore distribution strategies and integrate the complete solar production process.

Co-founder Paul de Preville says, “This raising of funds is a milestone for both Ensol and the wider solar equipment market in France.”

“The rise in electricity prices makes this a particularly profitable investment as well as being sustainable. Making it easier for the largest number of people to switch to them is certainly one of the most efficient ways of maintaining household purchasing power whilst accelerating the transition of the energy mix in France.”