Soly, a leading solar energy startup hailing from the Netherlands, has successfully closed a €30 million investment round.
Soly, a leading solar energy startup hailing from the Netherlands, has successfully closed a €30 million investment round. The funding, spearheaded by international climate venture capital firm ArcTern Ventures in collaboration with Fifth Wall, the largest asset manager dedicated to advancing and decarbonizing the built environment, signals a robust boost for Soly’s mission to democratize solar energy.
The recent surge in solar investments reflects the sector’s remarkable growth, with a staggering $239 billion invested in large- and small-scale solar systems during the first half of this year.
Soly, founded in 2013 by brothers Patrick and Milan van der Meulen, aims to utilize the fresh capital to expand its operations into new countries, including Italy, Spain, France, and Scandinavia. The company envisions supplying renewable energy to over 500,000 households and businesses by the year 2030.
“This investment will propel our ability to help more people and businesses, in even more countries, to switch to sustainable and affordable energy,” expressed Patrick van der Meulen, CEO, and co-founder of the solar energy startup Soly. The funding round also saw participation from existing investors Shell Ventures and the pension fund ABP.
Soly’s strategic approach encompasses a comprehensive, multi-product strategy, coupled with customer-friendly and installer platforms. The company has proven efficiency in entering new markets with both capital and time effectiveness, positioning itself uniquely to evolve into a utility of the future in Europe.
Miguel Nigorra, a Partner and the Head of Europe for Fifth Wall, commented, “In Europe alone, the solar market represents a more than €3.2 trillion opportunity. We are looking forward to partnering with Patrick, Milan, and their market-leading team as they enter into their next phase of transformational growth.”
Soly, with its digital solar sales platform, has demonstrated compelling unit economics and impressive growth across multiple countries. The company has become a European market leader in decentralized energy generation and storage, focusing on solar panels, batteries, and charging stations for residential and business markets.
Milan van der Meulen, co-founder of Soly, emphasized the company’s broader vision beyond energy generation. “The energy transition has long ceased to revolve solely around generating energy. In 2023, we launched our home energy management system: the Soly Brain®,” he stated.
The Soly Brain® intelligently controls various energy components, creating an additional revenue model for end-users. The company plans to establish energy networks in the Netherlands and Germany in 2024.
Soly’s rapid international expansion, coupled with the introduction of new products and proprietary software, enabled the company to triple its sales in 2023 compared to the previous year. Operating in the Netherlands, Belgium, Germany, the United Kingdom, and South Africa, Soly is involved in selling and leasing solar energy systems, batteries, and charging stations.
The solar industry, marked by exponential growth, has not been immune to market fluctuations. In 2022, the European solar market experienced a 40% growth, driven by soaring energy prices. However, market demand faced a downturn in the latter part of 2023. Despite these challenges, Soly’s strong growth trajectory attests to its resilience and adaptability, showcasing the company as a formidable player in the dynamic renewable energy landscape.
As Soly positions itself for transformative growth with the infusion of €30 million, the company is set to play a pivotal role in the global transition towards sustainable and affordable energy solutions.