Spanish solar energy startup SolarMente has raised €50 million to scale its solar panel subscription service.
The company has raised the fund in debt and equity as part of a special purpose vehicle (SPV) targeted for households.
SolarMente has been selling solar energy systems including solar panels, energy storage, electric vehicle (EV) charging and heat pumps.
To be noted, solar panels consist of 80% of its sales, with EV charging points and heat pumps the remaining 20%.
The company generated the fund from energy-focused Barcelona private equity firm GNE Finance, company founder and CEO Wouter Draijer remarked.
According to SolarMente, it plans “to ride the solar energy surge as the world looks to transition to cleaner energy sources,” adding that the company is in beginning of a solar revolution.
The company shared in the statement, “The entire €50m raise will be used to scale the subscription side of the business, which currently makes up half of SolarMente’s revenue.”
Meanwhile, half of SolarMente’s revenue comes from selling solar panels outright.
The company informed that it is currently installing 80 solar energy systems a month in Spain. It has planned to achieve 400 installations a month by the end of 2023.