Solar Monkey collects €4 million to support European solar energy transition

Solar Monkey has been able to raise €4 million in growth capital to strengthen its organisation and explore global impact.

With this, the company aims to help accelerate the solar energy transition of Europe. The company has been the market leader in the Netherlands since 2017.

According to the company, this Investment was co-led by Finnish Helen Ventures and Eneco, among other investors.

To achieve the target, it will work through a software that allows installers to work much more effectively. “This is important because these installers have limited time on their hands and a massive workload,” a report mentioned.

According to Solar Monkey, its software can save time on designing, quoting and monitoring solar PV systems. “The innovative software is based on advanced algorithms, aerial imagery and 3D-models. By reducing time spent on operational processes, Solar Monkey’s clients can double their output,” it stated.

Terhi Vapola, Vice President, Head & Founder of Helen Ventures, shared that investment in Solar Monkey was a wise decision.

“The company's past growth speaks for itself. With rising energy costs and more awareness of climate change, the timing is excellent for accelerated scaling of solar solutions across new markets.”

To be noted, Solar Monkey is currently active in the Netherlands, Belgium and Spain while it is also targeting

“We see that the Netherlands is leading solartech innovation in terms of software. Over the past five years, the Dutch market has grown explosively from 0.3 GWp to a staggering 2GWp (~>200,000 installations) per year,” Solar Monkey mentioned.