Soly, a Dutch solar energy startup, has successfully closed an investment totaling €30M, marking a significant stride in the solar power industry. This funding will enable the company to expand its operations into new countries, including Italy, Spain, France, and Scandinavia, and achieve its ambitious goal of supplying over 500,000 households and businesses with renewable energy by 2030.
The investment round was led by the international climate venture capital firm, ArcTern Ventures, in partnership with US-based Fifth Wall, the largest asset manager focused on improving, future-proofing, and decarbonizing today’s built world. Existing investors Shell Ventures and the pension fund ABP also participated in the round.
Soly’s Mission and Expansion Plans
Patrick van der Meulen, CEO and co-founder of Soly, emphasized the company’s mission to make solar energy accessible to everyone. He expressed gratitude for the investment, which will propel Soly’s ability to help more people and businesses switch to sustainable and affordable energy in more countries.
The Startup’s Comprehensive Approach
The multi-product approach and customer and installer platforms, combined with its proven ability to efficiently enter new geographies, uniquely position the company to become a future utility in Europe. Miguel Nigorra, a Partner and the Head of Europe for Fifth Wall, sees the solar market in Europe as a more than €3.2 trillion opportunity.
Home Electrification and Energy Management
Mira Inbar from ArcTern Ventures highlighted the need for massive-scale home electrification in the energy transition. Soly’s digital solar sales platform, with compelling unit economics and impressive growth, is well-positioned to lead home electrification in Europe. In 2023, Soly launched the Soly Brain®, a home energy management system that intelligently controls solar panels, home batteries, charging stations, and more, creating an additional revenue model for end-users.
Market Leadership and Growth
Founded in 2013 by brothers Patrick and Milan van der Meulen, Soly has become a European market leader in decentralized energy generation and storage through solar panels, batteries, and charging stations. The company operates in the Netherlands, South Africa, Belgium, Germany, and the United Kingdom. Despite challenging market conditions, Soly tripled its sales in 2023 compared to 2022, demonstrating strong growth.
Leading the Clean Energy Transition
This latest funding round positions the startup as a key player in the clean energy transition, with a mission to make solar energy available to everyone. The company’s expansion and innovative energy solutions are set to make a significant impact in powering homes and businesses with renewable energy.