To capitalize on an ideal environment for the development of solar energy self-supply, Ensol, a startup specializing in photovoltaic equipment, has announced that it has raised €3 million in funds from Otium Capital. This fresh injection of capital will enable the company to develop new distribution methods and to integrate the entire solar production chain.
A significant rise in electricity prices has occurred since late 2021, culminating in a 15% spike in February 2023. Although the price cap introduced by the French state has attenuated this situation somewhat, another rise is expected in 2024, which will only be made worse by the end of the cap in 2025 and by the energy transition that is currently underway. In this environment, solar energy self-supply is becoming an attractive alternative. Falling prices of photovoltaic equipment provides users with significant reductions in their power bills, giving them access to cheaper electricity and enabling them to sell any surplus.
Solar energy self-supply therefore is not merely a way of taking a stand and showing a commitment to sustainability, it is also a very profitable investment that Ensol is making accessible to all. By providing custom-made photovoltaic installations quickly and at competitive prices along with personalized advice, Ensol is allowing all consumers to cover their investment as fast as possible. Founded in 2013, Ensol’s turnkey solution and support gives households access to expertise when it comes to choosing sizes and solar equipment that is adapted to their needs, and getting the maximum return on investment.
Driven by the belief that making solar installations more widely available is an integral part of the energy transition, Ensol’s founders Paul de Préville (cofounder of YouShould) and Martin d’Hoffschmidt (cofounder of Formativ) are looking to simplify this type of investment by providing innovative purchasing possibilities.
Raising funds from Otium Capital will enable the startup to make solar equipment more accessible by offering solar panels via leasing schemes and also making them more cost-effective, by integrating the entire production chain (batteries, charging stations and management app), and also more sustainable thanks to the set-up of a decentralized, low-carbon Virtual Electric Hub formed by each of the houses of the owner-partners.
Paul de Preville, Co-founder of Ensol, said: “This raising of funds is a milestone for both Ensol and the wider solar equipment market in France. The rise in electricity prices makes this a particularly profitable investment as well as being sustainable. Making it easier for the largest number of people to switch to them is certainly one of the most efficient ways of maintaining household purchasing power whilst accelerating the transition of the energy mix in France.”
By making it simpler to invest in solar installations, Ensol hopes to help accelerate the energy transition in France which is currently the only country in Europe that is below the targets set by the European Union when it comes to decarbonizing the energy mix. In the Netherlands, where making solar installations widely available is a core strategic priority, 25% of households are already fitted with them. In Germany, the figure is 12% while in France it is just 4%. By making this type of solution a profitable investment, Ensol aims to make solar equipment more attractive to the widest possible audience.
Pierre-Edouard Stérin, Founder of Otium Capital, added: “In the face of environmental and societal issues that are being heightened by the recent economic crisis, the Renewable Energy sector and in particular photovoltaics is set to enjoy sustained growth. We are proud to be supporting Ensol in its development, and how the company is positioned to take part in making photovoltaic equipment more widely available ties in with Otium’s commitment to the energy transition.”
