Solar startup Sunvigo raises Euro 15 million
Cologne — With Eneco Ventures and Sparta Capital, two established funds from the renewable energy sector are investing in Sunvigo’s revolutionary business model. Sparta and Eneco, which are providing the bulk of the new financing, are investing a total of €10 million together with existing investors such as Ecosummit, High-Tech Gründerfonds (HTGF) and Übermorgen Ventures. Deutsche Kreditbank AG (DKB) is providing a further 5 million euros in debt capital to finance the PV systems. While the current energy crisis has driven both young and established companies into insolvency, Sunvigo has been able to secure new investments and even protect its customers from rising electricity prices.
Since its founding in 2020, Sunvigo has already provided hundreds of customers with easy access to affordable solar power. In the first year after its foundation, the customer base increased more than tenfold.
Entry of two renowned investors sets the course for strong growth
Eneco Ventures and Sparta Capital are now investing in Sunvigo’s continued growth and vision. “We believe there is a large market for Sunvigo’s product. We also see many potential synergies, for example with Eneco’s subsidiary LichtBlick, the largest green power provider in Germany,” said Hans W. Cool, Investment Director of Eneco Ventures.
“Sunvigo offers a trusted solution for the transition to a low-carbon world. This partnership is an important milestone for Sparta and we look forward to supporting Sunvigo’s management team in the years to come,” said Guillaume Sarlat, Head of Sustainability Investment at Sparta Capital
“Through Sparta, we are able to work with one of the leading investors in this field and gain access to international capital markets to expand financing for our solar systems,” on the investor selection Dr. Michael Peters, founder of Sunvigo and solar expert (center photo).
In addition, existing investors Ecosummit, HTGF, Übermorgen Ventures and a family office are again participating in the financing round, thus confirming their confidence in the solar energy provider. DKB is also increasing the financing volume for the solar plants by a further 5 million euros in borrowed capital.
Digitization, expansion of the Green Power Community and strengthening of the Sunvigo team
Founders Bastian Bauwens, Dr. Michael Peters and Dr. Vigen Nikogosian will use the fresh capital to further expand the Green Power Community, improve the customer experience, especially through digitalization, and further optimize internal processes. Sunvigo also wants to expand in terms of personnel. The company now employs over 50 people and plans to grow strongly in all areas this year. In the future, Sunvigo will network its plants in virtual power plants, making solar power from the Sunvigo Community available to all electricity customers. The team can make good use of the reinforcement, because the demand for solar energy is huge.
“In recent months, demand has increased rapidly. Many people are overwhelmed by the current sharp rise in electricity prices and are wondering what they can do about the rising costs. Switching to solar energy provides a hedge against rising prices. But until now, you had to put up with a lot of complexity for that. With Sunvigo one can have now finally both — protection against rising prices by the solar plant on the own roof and nevertheless the power supply remains as simple as with a classical electricity contract, explains Dr. Michael Peters, founder of Sunvigo and solar expert.
Sunvigo is revolutionizing the use of solar power for homeowners. Unlike PV system sellers or renters, the company is an energy provider and offers homeowners a power contract that includes solar. This means: Sunvigo installs and operates the solar system. The customer only pays for the electricity consumed and does not have to worry about the costly operation and financing of the solar system. If desired, solutions for battery storage and charging devices for electric cars can be integrated into the electricity contract. For more info, visit www.sunvigo.de. Sunvigo is funded by leading investors, including High-Tech Gründerfonds, Übermorgen Ventures, Eneco Ventures and Sparta Capital.
Deutsche Kreditbank AG (DKB), headquartered in Berlin, is part of the BayernLB Group and serves business and private customers with its more than 4,500 employees. With total assets of 126.9 billion euros, it is one of the top 20 banks in Germany. More than 4.8 million people are DKB customers. They conduct their banking transactions conveniently and securely online. DKB industry experts provide personal support to business customers at 25 DKB locations throughout Germany. As a partner to companies and municipalities, the bank specialized early on in promising sectors in Germany: Housing, healthcare, care, education, agriculture, infrastructure and renewable energies. DKB is one of the market leaders in many of these sectors. DKB attaches great importance to sustainable action: As a #geldverbesserer, it therefore focuses on a sustainable lending business. www.dkb.de
About Eneco Ventures
Eneco is a leading energy supplier in Europe and consists of a group of companies operating mainly in the field of renewable energy and innovation. Together with its customers, partners and more than 3,000 employees, Eneco is pursuing the goal of providing sustainable energy for all and becoming climate neutral as early as 2035. Eneco Ventures is the investment arm of Eneco that invests in promising young companies driving the energy transition.
About Sparta Capital Management
Sparta Capital Management Ltd. was founded by Franck Tuil, a former manager at Elliott Management Corporation. The first fund was launched in September 2021 with initial capital commitments of over $500 million. It is a global multi-strategy fund that invests in both public and private markets and across the capital structure, with a focus on financing the energy transition.
About About Tomorrow Ventures
Übermorgen Ventures is a Swiss investment company that supports early-stage startups in climate tech and decarbonization across Europe. The firm’s fundamental investment hypothesis is that there is an urgent need to develop solutions to the climate crisis and that this represents a tremendous business opportunity for startups through the decarbonization of products, processes, services or business models. Übermorgen Ventures is led by four Managing Partners with a strong background and track record in early-stage startup financing and aims to build a portfolio of companies that save more than one million tons of CO2 annually.
About High-Tech Gründerfonds
The seed investor High-Tech Gründerfonds (HTGF) finances technology start-ups with growth potential. With a volume of around EUR 900 million spread across three funds and an international partner network, HTGF has supported more than 650 start-ups since 2005. His team of experienced investment managers and start-up experts supports the young companies with know-how, entrepreneurial spirit and passion. The focus is on high-tech start-ups in the fields of digital tech, industrial tech, life sciences, chemistry and related business areas. More than €4 billion in capital has been invested in the HTGF portfolio by external investors in more than 1,800 follow-on financing rounds to date. In addition, the fund has already successfully sold shares in more than 150 companies.