Sunhero Raises €10M To Expand Solar Power To Homes In Europe
Sunhero, a Berlin-based company with a Barcelona headquarters, has recently raised €10 million to expand the use of solar energy in homes across Europe.
Sunhero, a Berlin-based company with a Barcelona headquarters, has recently raised €10 million to expand the use of solar energy in homes across Europe. The need for sustainable and renewable energy sources is growing.
People, businesses, and governments all over Europe are searching for more environmentally friendly, cost-effective, sustainable energy, and self-sufficient energy sources. One option that is very promising and whose market is expanding quickly is solar power.
Christopher Cederskog, co-founder and CEO of Sunhero, says, “Customers’ demand for independent and clean energy has rapidly increased in Spain as a result of recent policy changes, the growth of EVs, and international geopolitical conflicts. The conditions are ideal for solar power. We have the ability to revolutionise the market and offer superb solutions to accelerate the consumer switch to solar.”
Sunhero is a player in this market; it was established in Berlin in 2021 and relocated to Barcelona in 2022. The startup recently received Series A funding of €10 million. Planet A and Vorwerk Ventures took the lead in the funding round. Participants included Redstone, early backer Speedinvest, and All Iron Ventures.
“Solar is without a doubt one of the most affordable ways to produce redundant renewable energy,” says Nick de la Forge, Partner and Co-Founder at Planet A Ventures. “Sunhero is in a critical position to become not only one of the European leaders in supplying residential solar and storage to millions of households but also to significantly accelerate the energy transition.”
Sunhero, a company founded by Christopher Cederskog and Stefan Braun, is continuing the PV value chain to lower the cost of solar energy and enable residential customers to install panels on their roofs. Customers are thus given the power to contribute to the green transition, lower their carbon footprint, and save money on their electricity bills.
One of Europe’s most promising solar markets, Spain, is where the GreenTech startup is placing its bets. Spain, behind Germany and Italy, is the third-largest producer of solar energy in Europe, with about 20 gigawatts of installed PV generation.
Although Spain is known for its sun, the adoption of solar energy is not yet reaching its full potential. Sunhero aims to alter this by driving a solar transition and seizing the market’s top spot.
CEO Stefan Braun: “For the past two years, we have been building a solid foundation for providing solar PV solutions that are specifically catered to the needs of customers. We will be able to create software tools to streamline our procedures and improve our logistics thanks to the support of this funding round. We aim to redefine operational excellence in our sector, and we are beyond grateful to have the resources at our disposal to realise that goal.”
The company currently has teams operating in Egypt, Spain, Germany, Italy, and Ukraine. To date, it has installed nearly 1,000 systems in Spain, generating nearly 2,000 MWh of electricity. With this new investment, the company plans to expand its product line, develop software, and solidify its position in the Spanish market.
Additionally, it will support strategies for expanding the product line to incorporate electric vehicle (EV) chargers and various other electrification products.
Sascha Guenther, a partner at Vorwerk Ventures: “The photovoltaic market will continue to expand rapidly, in our opinion. Just last year, capacity more than doubled in Spain, where Sunhero operates. With their extensive management experience in fast-growing startups like Airbnb and Audibene, the Sunhero team will do a fantastic job, and we’re pleased to be a part of their journey to support them.”
Investor Jaume Ayats Soler of All Iron Ventures: “Over the past 12 months, Sunhero has established itself as the market leader in one of Europe’s most lucrative residential solar markets. We are thrilled to increase our investment in Sunhero and support them as they work to become the top provider of home electrification in southern Europe and beyond because they have a strong track record and excellent performance.”