- SunRoof has raised an investment of €13.5 million from the World Fund, Nordic Alpha Partners and Legal & General Capital
- It plans to use the proceeds to expand its operations in the existing markets of Europe and the US
- In September 2022, it had raised €15 million in a round led by Klima to increase its sales and production
Eyeing growing demand for residential solar PV systems in Europe in the face of energy and climate crisis, Swedish solar roofs manufacturer SunRoof plans to use fresh funding of €13.5 million raised from climate tech investors to expand business in Germany, the Nordics, Poland and the US.
The World Fund, Nordic Alpha Partners and Legal & General Capital have together pooled in the money enable SunRoof scale up the reach of its 2-in-1 solar roofs that double up as facades to generate electricity. It also does away with the need to have skilled technicians to install the same since existing solar roofers can be trained to perform the same job.
It also provides end-to-end energy management systems complete with storage and a digital platform.
“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,” said General Partner at World Fund Tim Schumacher who now joins SunRoof’s board.
While the Swedish start-up is already present in Sweden, Germany and Poland, and has pilots in the US, with the latest funding round it aims to grow and consolidate its position in the existing markets. It sees a growing market in European Union (EU) especially as the region goes in for mandatory rooftop PV for residential buildings by 2029 under REPowerEU (see EU Announces 600 GW AC Solar Target By 2030).
SunRoof says it has now closed its oversubscribed growth round at €28.5 million after announcing 1st close in September 2022 which was led by Klima Energy Transition (see Swedish Startup SunRoof Raises €15 Million Funding).