Lithuania’s PVcase, a solar technology company that helps design, monitor and optimise solar power plants, has raised a $100m Series B.
It's the largest round in central and eastern Europe this year, and one of the largest rounds ever scored by a company from Lithuania.
What does PVcase do?
PVcase isn't a typical solar tech startup: it doesn’t make or install solar panels like German successes Enpal and 1Komma5. Instead, it's built a software tool that makes designing and assessing solar power plants — think those big fields full of glossy black panels — easier and faster.
With the new funding, PVcase wants to be a one-stop shop for the engineering processes needed to design a solar plant. It recently acquired US-based Anderson Optimization, a solar panel site evaluating company, and doesn't exclude future buyouts. The startup estimates that thanks to the Anderson Optimization integration, developers can cut their project design process by 30x — from weeks to roughly 20 minutes.
PVcase was founded in 2018 in the Lithuanian city of Kaunas, but has its main office in Vilnius. It's operated almost exclusively from its incoming revenues while expanding into 75 countries. After the recent acquisition, it now employs more than 200 people.
What’s the market like?
There hasn’t been a better time for startups working in solar power in Europe. Policymakers are eager to diversify the region's energy sources away from gas as they seek to meet continent-wide net-zero goals. In 2022, solar capacity installation in Europe soared by almost 50%, far more than any other power source.
See the pitch deck
PVcase shared their pitch deck with us. Have a look at the slides they used to convince investors:
- Highland Europe, London-based growth stage VC
- Energize, US energy-focused VC
- Elephant, US VC, an existing investor