Reportedly, the need for solar panels is soaring worldwide, up 30% this year alone, primarily due to the Russia-Ukraine war.
To meet the demands of the wider sector struggling, SunRoof, a Stockholm-based solar power startup, has secured €13.5M extension from a syndicate of European climate tech investors, including World Fund, Nordic Alpha Partners, and L&G Capital.
The Swedish company has closed its oversubscribed growth round at €28.5M after its first close in September 2022, led by Klima Energy Transition.
The company will use the funds to drive its expansion plans across Europe (Germany and Nordics) and the US. To date, the company has raised €35M in funding since its inception.
Additionally, SunRoof hired Piotr Przybyzsz as Chief Operating Officer in December, who will drive forward the company’s expansion plans into 2023 and beyond.
Lech Kaniuk, Co-Founder and CEO of SunRoof, said, “In Europe, we’re facing two crises: the climate and the energy crises. SunRoof is enabling consumers, businesses, and governments to access and benefit from independent, regenerative energy and end the overreliance on fossil fuels. I’m delighted to have this brilliant consortium of investors on board, who collectively are the best possible combination of funds for SunRoof at this growth stage. Thanks to this group of brilliant climate investors with resources to provide hands-on support and connections to their respective networks, I truly believe we can accelerate our growth even further and will be well-positioned to rapidly conduct our international expansion at the end of 2023.”
Founded by Karol Kaniuk and Lech Kaniuk, SunRoof is tackling this challenge in two ways: Firstly, the Swedish firm has developed an end-to-end software platform that covers the whole journey – from customer orders to operations and delivery. Using this, it will create predictive models to anticipate demand and ensure it always has the right stock at the right time.
Secondly, it doesn’t need PV installers. Instead, it is a similar process to installing a normal roof, so it can train roofers in its markets and provide additional skills.
Lights up entire buildings through solar roofs
SunRoof builds robust 2-in-1 solar roofs and innovative façades that generate electricity, replacing traditional roofs.
Using roofs that generate electricity, the Swedish company hopes to speed up the global transition to renewable energy sources.
The company’s system also features energy storage and a digital platform, enabling customers to track every stage of their roof’s construction – from design to build to delivery.
Upon installation, customers can get complete oversight of their energy production and consumption via SunRoof’s energy app.
Further, SunRoof says it has witnessed a 300% growth YoY and expanded its team 13 folds to more than 150 people. Currently, the company works with customers in Sweden, Germany, and Poland, along with pilots in the US.
Tim Schumacher, General Partner at World Fund, says, “Solar panels are one of the most effective tools we have to pioneer a regenerative future and combat the climate crisis, yet there is still a lot of reticence from prospective customers, not to mention the supply chain challenges and installation crisis which are holding back the industry. SunRoof’s solution is the kind of thinking we need to tackle the climate crisis and prevent megatonnes of C02e from entering the atmosphere.”
Rasmus Lund, Investment Partner at Nordic Alpha Partners, says, “Due to its efficient core product servicing a large and fast-growing market favoured by non-cyclical tailwinds and a digitised market approach which has already proven successful in different markets, Sunroof is poised to convert its current regional front runner position into becoming a European category leader in the booming BIPV space.”
John Bromley, Managing Director – Clean Energy Strategy, Legal & General Capital, says, “Legal & General Capital is investing in the energy transition to support the scale-up of innovative businesses that deliver solutions to reduce carbon emissions throughout the economy, and over the past six years, our investments have focused on decarbonising power, transportation, and the built environment. We are delighted to invest in SunRoof, a business bringing innovation in design and customer experience to rooftops across Europe, to support homeowners and businesses in their transition from fossil fuel-generated power. We look forward to working with our new partner as SunRoof accelerates its growth into new markets globally.”
