Funding

[Funding alert] Dutch-based Soly Raises €30Million in Funding

Jan 16, 2024 | By Startup Rise EU

Dutch-based Soly Raises €30Million in Funding. The investment enables Soly to expand to other countries and offer new energy services.

Dutch-based Soly Raises €30Million in Funding. The investment enables Soly to expand to other countries and offer new energy services.

The investment round was led by the international climate venture capital company ArcTern Ventures in collaboration with the American Fifth Wall, the largest asset manager focused on improving and making the built environment more sustainable. Existing investors Shell Ventures and pension fund ABP are also participating in the new financing round.

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Patrick van der Meulen, co-founder and CEO of Soly said, “Soly's mission is to make solar energy available to everyone. With this investment we can help even more people and companies, in even more new countries, to switch to sustainable and affordable energy. I am extremely proud of the achievements of our team and the trust of our customers over the past ten years. I am happy to welcome these impact-driven partners,”.

Read also - Oslo-based proptech Startup Plaace Raises €885k in Funding

The transition from fossil energy to decentralized and sustainable energy is characterized by exponential growth but also by erratic market conditions. Fueled by extremely high energy prices, the European solar energy market grew by 40% in 2022, while market demand fell sharply in the second part of 2023.

About Soly

Brothers Patrick and Milan van der Meulen launched Soly in 2013 with the goal of democratising access to solar energy. The founding team chose to utilise their business "As a force for good" after being moved by Al Gore's documentary "An Inconvenient Truth" when they were young.

Read also - London-based Fintech Company Carmoola Secures 15.5M in Equity Funding

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