Climate tech
Q4 202306.11.2023

Solar Energy

Picture of Jonathan Sinclair

Jonathan Sinclair

at Sifted

As of October, year-to-date deal count is barely half of the two years prior, but chunky growth-stage rounds — headlined by Enpal’s €215m Series D (and subsequent €430m debt round) and 1KOMMA5°’s €430m Series B show signs of a sector growing in maturity and momentum.

Now comes the scaling phase — which will require significant investment. The EU’s REPowerEU plan wants renewables to make up 45% of its energy supply by 2030, and with wind turbine orders down due to a 40% hike in input costs; hydrogen not ready for rollout; droughts impacting hydro; and nuclear still dividing politicians, solar will likely have to pick up the slack.

Watch out for China, which dominates the solar-PV supply chain: it’s responsible for 95% of the world’s wafer production — one of Europe’s main bottlenecks. China’s new restrictions on graphite exports — essential for EVs — suggest a global tech war could be escalating, placing an extensive supply chain risk on Europe’s solar market.

20 most promising early-stage startups

  • PVcase logo

    Sifted score

    8.43
    -

    PVcase

    Solar planning and design software

    • Serial founder(s)
    • Hiring

    • Year founded

      2018

    • HQ

      Lithuania, Kaunas

    • Latest round

      Early VC
      €95m / Jul 2023

    • Total funding

      €115m

    View company profile
  • Beem energy logo

    Sifted score

    8.25
    -

    Beem energy

    Solar panel kits for homeowners

    • Strong investor(s)
    • Serial founder(s)

    • Year founded

      2018

    • HQ

      France, Nantes

    • Latest round

      Series A
      €20m / May 2023

    • Total funding

      €30m

    View company profile
  • Woltair logo

    Sifted score

    7.76
    -

    Woltair

    Digital platform for solar power generation and heat pumps

    • Strong investor(s)
    • Serial founder(s)

    • Year founded

      2018

    • HQ

      Czech Republic, Prague

    • Latest round

      Series A
      €37m / Jun 2023

    • Total funding

      €38m

    View company profile
  • SmartHelio logo

    Sifted score

    7.67
    -

    SmartHelio

    Solar PV performance and forecasting

    • Strong investor(s)
    • Serial founder(s)

    • Year founded

      2019

    • HQ

      Switzerland, Lausanne

    • Latest round

      Seed
      €3.5m / Dec 2022

    • Total funding

      €5.6m

    View company profile
  • Sunsave logo

    Sifted score

    7.3
    -

    Sunsave

    Solar panel subscription service for homeowners

    • Serial founder(s)
    • Hiring

    • Year founded

      2022

    • HQ

      United Kingdom, London

    • Latest round

      Seed
      €5.6m / Jan 2022

    • Total funding

      €5.6m

    View company profile

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