SunRoof raises €13.5M to boost global renewable energy growth
Swedish startup SunRoof has completed a €13.5 million funding round to support renewable energy growth in Europe and beyond.
Europe is looking to increase its renewable energy production due to the ongoing energy crisis caused by the war in Ukraine, and the EU has implemented several measures to achieve that end — such as requiring all new buildings to use solar panels starting in 2029. However, the solar panel industry in Europe has a hard time keeping up with demands, which is where SunRoof comes in.
Founded in 2013, the startup offers innovative solar roof systems for consumers. SunRoof’s product is a two-in-one solar roof that can produce electricity without using conventional top-mounted photovoltaic modules.
SunRoof claims that its solar roof is the most productive solar energy generator per square meter in the world. Because of its high output, this solar roof can reduce costs. Furthermore, SunRoof said its solar roof could bring down carbon emissions because the production requires fewer materials and resources.
According to co-founder and CEO Lech Kaniuk, SunRoof can also tackle the human resource issue in the solar panel sector. Its product comes with a digital app with which users can monitor their sunroof installation progress and, once installed, oversee energy generation and consumption.
World Fund and L&G Capital — top European climate tech investors — are among the leaders of the funding round. This latest capital raising was an extension to a funding round conducted in September last year.
Kaniuk was delighted by the new funding and said it would help SunRoof’s further expansion this year.
“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 will be able to accelerate our growth even further and will be well-positioned to rapidly conduct our international expansion at the end of 2023,” said Kaniuk.
Previously in 2022, SunRoof posted a 300 per cent annual growth. Currently, it serves customers in Sweden, Poland, and Germany. It is also running a pilot launch in the U.S.
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