Solarstone, a green tech startup from Estonia, has just secured €10 million in a fresh funding boost. The startup is developing solar solutions that can help generate a shift in energy generation and usage.
As Europeans increasingly turn to renewable and greener energy sources, harnessing the power of the sun is one sustainable way to fuel the continent. Whilst many people and businesses are adding solar panels to existing builds, Solarstone wants to encourage the use of solar from the very beginning. The Estonian startup has developed building-integrated solar solutions and wants to become the standard in residential and infrastructure construction.
To fuel the mission, Solarstone has announced the raise of €10 million in a round led by Biofuel OÜ – the asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
This is Solarstone OÜ’s second significant funding round. Sunly, one of the leading renewable energy companies in the Baltics, joined the company in 2019.
Founded in 2015 and based in Viljandi, Estonia, Solarstone’s approach to construction is one that prioritises sustainability and promotes a new approach to how energy is generated in European households.
Energy production and consumption are undergoing a major shift across the continent at the memento, with prosumer-generated capacities balancing the shortcomings of centralized energy generation. It’s meant that many are starting to look at how they can generate more energy more efficiently where they live – a key part of what inspired the creation of Solarstone.
The CEO and co-founder, Silver Aednik, identified that this cultural and behavioural shift towards energy is being facilitated by Solarstone: “Solarstone’s technology removes all barriers to making it happen as it makes it profitable, beautiful & climate conscious of adding solar directly to where they live.”
This fresh funding boost follows the startup’s 7000th solar roof installation in 8 countries. It will enable the company to upgrade production and develop the teams in Estonia as well as other strategic markets. In addition, Solarstone is investing in software solutions that empower stakeholders in the construction industry to design and procure solar power plants more effectively.
Silver Aednik commented: “Existing BIM models already facilitate the work of architects and engineers. Soon, implementation of modern satellite technology and an all-inclusive ecosystem platform will provide simple tools to design and deliver the most suitable integrated solar plant for all market players.”
Biofuel’s CEO Andreas Laane, added: “Solarstone stands out from other solar solution providers with smart technology, which helps avoid unnecessary material and production costs in creating modern roofs. Innovative software and a proprietary hardware component provide a good impetus for the green revolution.”