Born in Berlin and based in Barcelona, Sunhero has just raised €10 million to bring solar power to more households across Europe.
Demand for renewable and sustainable energy sources is on the rise. Across Europe, people, businesses and governments are looking for greener energy solutions, that are more planet-friendly, cheaper, and create a more autonomous energy outlook. Solar power is one of the options that are showing a lot of promise, and the market is growing rapidly.
Sunhero CEO and co-founder, Christopher Cederskog: “Recent policy changes, the growth in EVs and global geopolitical struggles have resulted in a rapid increase in customer demand for independent and clean energy in Spain. This is a perfect storm for solar. We have all the potential to shake up the market and deliver outstanding solutions to scale up consumer transition to solar.”
Founded in Berlin in 2021, with headquarters moved to Barcelona in 2022, Sunhero is tapping into this market. The startup has just secured €10 million in Series A funding. The round was led by Planet A and Vorwerk Ventures. Redstone and early backers, Speedinvest and All Iron Ventures also participated.
Nick de la Forge, Partner and Co-founder at Planet A Ventures: “Solar is, without a doubt, one of the most economic ways to produce redundant renewable energy, and Sunhero is in a critical position to become not only one of the European leaders supplying residential solar and storage to millions of households but also to accelerate the energy transition significantly.”
Launched by Christopher Cederskog and Stefan Braun, Sunhero is remaining the PV value chain to make solar power more acceissbile, enabling residential customers to put panels on their roofs. As a result, consumers are empowered to be a part of the green transition, reduce their carbon footprint and save on electricity bills.
The GreenTech startup is betting on the Spanish market, one of the most promising solar markets in Europe. With about 20 Gigawatts of installed PV generation, Spain is the third biggest producer of solar power in Europe, behind Germany and Italy. Spain is famous for the sun, however, solar adoption is lagging behind its potential. Sunhero aims to change this, spearheading a solar transition and taking a leading position in the market.
Stefan Braun, COO: “We have spent the past two years laying a strong foundation for delivering solar PV solutions tailored for customers’ needs. With the backing of this funding round, we will be able to develop software tools to streamline our processes and optimize our logistics. Our goal is to set a new standard for operational excellence in our industry, and we could not be more thrilled to have the necessary resources to make that vision a reality.”
So far, the company has teams working in Spain, Germany, Italy, Egypt and Ukraine. It’s installed close to 1000 systems in Spain to date, producing almost 2,000 MWh of electricity.
This new investment will be used to consolidate its position in the Spanish market, develop software and grow its product line. It’ll also support plans to broaden the product portfolio to include electric vehicle (EV) chargers and a number of other electrification items.
Vorwerk Ventures Partner Sascha Guenther: “We are convinced that the global photovoltaic market will continue to grow strongly. In Spain, where Sunhero is active, capacity more than doubled last year alone. The Sunhero team will do an excellent job with their long experience in managing fast-growing startups like Airbnb and Audibene and we’re happy to be part of their journey to support them.”
Jaume Ayats Soler, an investor at All Iron Ventures: “Sunhero has positioned itself as the category leader in one of Europe’s most attractive residential solar markets over the past 12 months. With a proven track record and a stellar execution, we are excited to double down on Sunhero and continue to back them in their journey to become the leading home electrification provider in southern Europe and beyond.”
