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Soly Secures €30 Million Funding for Expansion Across Europe

Soly raises €30 million for European expansion

The Netherlands-based company specializing in home and office energy solutions, Soly, has secured €30 million in funding to extend its services into Italy, Spain, France, and Scandinavia.

Currently active in the Netherlands, Belgium, Germany, South Africa, and the United Kingdom, Soly has commenced its expansion by launching in Italy, with plans for subsequent entries into the other identified markets. The company’s headquarters for its Italian operations will be situated in Milan, Lombardy.

The €30 million financing round witnessed the participation of new investors, including North American venture capital firms ArcTern Ventures and Fifth Wall. They joined existing investors, such as Shell Ventures, the corporate venture arm of energy giant Shell, and Dutch pension fund ABP.

Soly specializes in the development of software and services facilitating the integration of solar panels, batteries, and electric vehicle charging for residential and small business markets.

Soly Secures €30 Million Funding for Expansion Across Europe

Soly Secures €30 Million Funding for Expansion Across Europe (Credits: Tech Funding News)

The company’s comprehensive platform offers a range of energy products, including solar panels, inverters, electric vehicle chargers, and battery storage systems. Additionally, Soly provides a dynamic energy contract featuring variable tariffs and dynamic energy functionalities.

The company’s product portfolio also includes the Soly Brain, a home energy management system accompanied by a consumer app.

Milan van der Meulen, the founder of Soly, explained that the Soly Brain unit intelligently controls various energy-related components based on the dynamic energy contract, creating an additional revenue model for end-users and optimizing energy usage to generate savings through time-of-use tariffs.

Soly has plans to develop virtual power plants for its Dutch and German customers, leveraging the Solar Brain product.

Van der Meulen outlined the company’s vision to bundle users into a virtual power plant, actively balancing the energy grid and offering new services. The installation of the first energy networks in the Netherlands and Germany is anticipated in 2024.

The company’s products and services are accessible through a self-service configurator and app, enabling customers to generate quotes and schedule installation appointments. Soly also extends its solution as a white-label service to partners, including insurance companies and banks.

Soly, originally known as Enie and based in Groningen, was founded in 2013 and currently employs 160 people. Notably, the company has achieved its international growth organically, without resorting to mergers or acquisitions, according to van der Meulen.

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