Funding

[Funding alert] Paris-based Ensol Secures €3 million in Funding

Nov 6, 2023 | By Startup Rise EU

Paris-based Ensol secures €3 million in funding. The company is going to be able to integrate the entire solar production chain and create new distribution methods thanks to this additional funding infusion.

Paris-based Ensol secures €3 million in funding. The company is going to be able to integrate the entire solar production chain and create new distribution methods thanks to this additional funding infusion.

With the help of funds raised from Otium Capital, the startup will be able to lower the cost of solar equipment by integrating the entire production chain, increasing accessibility, while improving sustainability through the development of a decentralised, low-carbon Virtual Electric Hub comprised of the owner-partners' individual homes.

From late 2021, electricity rates have been increasing significantly, with a 15% increase in February 2023. While the French state's price cap has slightly alleviated the issue, another increase is anticipated in 2024, and the ongoing energy transition and the cap's expiration in 2025 will only worsen it.

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Thus, Ensol is making solar energy self-supply a feasible choice for everyone, in addition to being an opportunity to demonstrate one's support for sustainability and make a very profitable investment.

Paul de Preville, Co-founder of Ensol, said: “This raising of funds is a milestone for both Ensol and the wider solar equipment market in France. The rise in electricity prices makes this a particularly profitable investment as well as being sustainable. Making it easier for the largest number of people to switch to them is certainly one of the most efficient ways of maintaining household purchasing power whilst accelerating the transition of the energy mix in France.”

Ensol seeks to accelerate France's energy transition—the country is now the only one in Europe falling short of the EU's targets for decarbonizing the energy mix—by making it easier to invest in solar projects.

Read also - Chasse sur Rhône-based Recyc’ELIT Raises €3.2M in Funding

In the Netherlands, 25% of houses already have solar panels installed, as expanding solar availability is a top strategic objective.

Pierre-Edouard Stérin, Founder of Otium Capital, added: “In the face of environmental and societal issues that are being heightened by the recent economic crisis, the Renewable Energy sector and in particular photovoltaics is set to enjoy sustained growth. We are proud to be supporting Ensol in its development, and how the company is positioned to take part in making photovoltaic equipment more widely available ties in with Otium’s commitment to the energy transition.”

About Ensol

Ensol is a platform for individual energy equipment, including heat pumps, solar panels, batteries, and charging stations. We allow our clients to significantly reduce their carbon footprint while using our electricity.

One of the greatest challenges of the twenty-first century is the energy transition, and French homes must play a key role in it.

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