Climate Insider Brief:
- Groningen-based renewable energy company Soly has secured 30 million euros in a recent fundraising round, led by ArcTern Ventures and Fifth Wall, with participation from existing investors including Shell Ventures and ABP pension fund.
- Soly, founded in 2013, aims to expand its services to new European territories, including Italy, Spain, France, and Scandinavia.
- The funds raised will support the company’s mission to make solar energy accessible, with plans to reach over 500,000 households and businesses by 2030.
PRESS RELEASE – January 15, 2024 – Renewable energy company Soly, originating in Groningen, has successfully secured 30 million euros in a recent fundraising round. Leading the investment were ArcTern Ventures and Fifth Wall, with existing investors like Shell Ventures and ABP pension fund also participating. The funds will facilitate Soly’s expansion into new European territories including Italy, Spain, France, and Scandinavia.
Expansion Plans
Soly, founded in 2013 by brothers Patrick and Milan van der Meulen, plans to offer a diverse spectrum of innovative energy services in these regions. The company’s birth was inspired by the environmental documentary ‘An Inconvenient Truth’, and ever since, their mission has been to make solar energy accessible to all. Soly operates in the Netherlands, Belgium, Germany, the UK, and South Africa at present, providing solar energy systems, batteries, and charging stations. Their goal is to supply renewable energy to over 500,000 households and businesses by 2030.
The Soly Brain
In 2023, Soly launched the Soly Brain, a home energy management system. This system controls solar panels, home batteries, and charging stations. Moreover, these can be bundled into a Virtual Power Plant (VPP) to balance the energy grid. By 2024, Soly intends to establish the first energy networks in the Netherlands and Germany.
Backing Soly’s Vision
Supporters of Soly’s vision are Fifth Wall, a venture capital firm with a focus on real estate and property technology, and ArcTern Ventures, an investor in climate change and sustainability solutions. They both share the belief that Soly is well-positioned to lead the home electrification wave in Europe, becoming a future utility.
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SOURCE: BNN
