Solar energy is on the rise.
And the momentum is beginning to find its way towards startups across the world.
What’s happening:
- This has been a record setting year for solar energy with more installations than ever
- In the United States alone, new solar installations and projects are projected to end the year up over 50% from last year
Why it matters:
- The United States Inflation Reduction Act has spurred incentives for clean energy infrastructure and solar has been a large benefactor
- Globally, the cost of solar installations continue to come down due to increased manufacturing capacity and the rise of new solar startups
- Generating renewable power through solar energy is quickly becoming a focal point globally, with China leading the way in new solar projects
Who is making moves:
- Arizona based solar panel manufacturing startup Erthos recently raised $24M led by Capricorn Investment Group, who previously backed Tesla and SpaceX
- UrbanVolt recently raised $26M for their unique approach to solar, which focuses on helping European businesses transition to solar energy without upfront capital costs
- Mexico based solar startup Bright recently landed $31.5M in a Series C raise, which included notable participation from Leonardo DiCaprio and the Danish ODS Fund
- Okra Solar, a startup focused on bringing solar energy to developing parts of the world, recently closed a $12M Series A
By the numbers:
- Europe is seeing a massive increase in venture funding for solar focused startups, with over $6B in new startup funding so far this year
- On a year over year basis, that represents a 400% increase in European based venture funding for solar
- China is expected to soon represent 50% of all new solar installations globally, a clear signal of their dominance in the space
