HomeFundingBarcelona-based Solfy secured €1 million to boost their growth in the photovoltaic...

Barcelona-based Solfy secured €1 million to boost their growth in the photovoltaic market and fuel their expansion

Founded in 2022 in Barcelona, Solfy is Spain’s first solar energy marketplace focused on self-consumption. The company has secured its second funding round in just over a year, amounting to one million euros. This investment comes from Ona Capital fund and aims to help the company grow in Spain’s solar market, including expansion in both the residential and community sectors as well as among businesses.

The CEO and co-founder of the startup, Sergio Balcells, emphasises the significance of the new investor coming on board to bolster their pioneering proposal and expand to an increasing number of locations by saying: “We’re in a rapidly growing sector where only 2% of households and businesses have photovoltaic installations. Therefore, the opportunities that are opening up for our model are substantial.” Balcells also points out that obtaining funding at such a challenging time serves as recognition of the viability and scalability of their business model. In the words of Sergi Sans, co-founder of Solfy: “We’ve created a virtuous circle. Residential customers across Spain are pleased with Solfy, rating us 4.9 out of 5 stars on Google. Installers are keen to work with us, and neighbourhood communities and SMEs are looking to save money and are aware that Solfy can provide them with the best quote. This leads to increased sales and reduced material costs due to economies of scale. In turn, this enables us to secure better purchasing prices and quotes, leading to more sales and outstanding customer satisfaction, which is our ultimate company goal.”

Throughout 2023, more than 10,000 solar panels for the self-consumption of photovoltaic energy have been installed through Solfy’s marketplace. These installations include sites like the Barcelona Fire Department and the prestigious Arsenal Sports Club, which made it one of the most sustainable sports clubs in Spain, where more than 200 solar panels were installed.

Solfy’s photovoltaic projects have reached every corner of Spain, from Mallorca to Galicia, and from Asturias to Sevilla, with Madrid and Barcelona accounting for the highest number of installations. Balcells points out: “The key differentiating factor compared to other market offerings is that these are turnkey projects, with all-inclusive packages starting at 5,000 euros. These investments pay for themselves within 4-6 years for residential properties and 2-4 years for SMEs. He continues by adding: “It is likely the best investment that any individual or company can make right now.”

The co-founders state that the goal of the funding round is to continue growing and spreading clean, photovoltaic energy throughout the peninsula. They express happiness and gratitude towards their new investor, Ona Capital. In their words: “With this investment, we can continue to expand our winning proposal. We simplify the search and hiring process for photovoltaic projects, as well as the management of permits, grants, and incentives from public administrations, all at a cost significantly below market price and with projects that are fully customized for each client.”

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Antonio L. Escárzaga
Antonio L. Escárzaga
Antonio López Escárzaga is the Head of Content at EU-Startups, with a background in Digital Marketing, Antonio drives his passion for effective communication and entrepreneurship. He firmly believes in communication’s transformative power and strives to harness it to foster growth and innovation.

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