Utrecht-based solar panel rental startup Solease has got an investment of €3 million from Arosa Capital Management, a New York-based investment company. With the funding, Solease is expected to widen its operational capacity. Notably, the potential of solar panel rental industry and its mounting demands in the Netherlands have led the American investor to support Solease.
The CEO of Arosa, Till Bechtolsheimer, said, “We have experience with investing in residential solar energy suppliers in America and see our investment in Solease as a natural extension of our belief that renting solar panels is attractive for homeowners. We are particularly excited about the cooperation with a strong management team and are confident that Solease can contribute to a fast-growing market in the Netherlands.”
Regarding the funding, Van Wisselingh, the CFO of Solease said, “Arosa brings a lot of experience in financing energy companies in America. This knowledge and experience is very valuable. This is because Solease aims to provide 150,000 solar panels for the next 5 years and thus invest € 1 billion in the Dutch energy transition. For this, we also need banks, pension funds, insurers and other large long-term investors. We need to think big, act quickly and work well together. In addition, we also see good opportunities to expand our offer with other sustainable solutions, such as a heat pump and a home battery, and to go abroad with our partners.”
Solease – dedicated to sustainable solar energy
Solease rents out solar panels to domestic and commercial properties on a monthly subscription basis that includes financing, insurance, and maintenance of the plates and accessories. The Dutch startup allows customers to produce solar energy on their rooftops without any investment. Further, customers may buy the systems installed in their homes at a lower price after using them for a few years.
The startup was founded by Roderick van Wisselingh and Pierre Vermeulen in 2011. More than 1,000 households in the Netherlands get benefited by the company generating 3.5 million kWh of renewable energy every year. And, this results in arresting 2 million kg of CO2 emission per year.
It is to be noted that the energy cost per unit through solar panels comes much lesser than that of the conventional electricity supply. Moreover, the escalating price of a power supply and the threat of global warming have led Dutch people to shift towards solar energy.
Stay tuned to Silicon Canals for more updates in the tech startup world.