SunRoof installation. Image by SunRoof.
SunRoof, a Swedish startup developing two-in-one solar roofs, said it has raised EUR 13.5 million (USD 14.6m) in an extension to a funding round as it looks to grow its business in Europe and the USA.
The total equity growth round, with a first closing in September, brings SunRoof EUR 28.5 million, the company said on Thursday. The funding, led by Alantra’s Klima Energy Transition, includes climate-tech investors World Fund, Nordic Alpha Partners and Legal & General Capital.
The financial backing follows strong growth in 2022 and a 13-fold increase in the team since January 2020 to more than 150 people Europe-wide, the company added. The raised resources will facilitate SunRoof’s international expansion in Germany, the Nordics, Poland and the USA.
The demand for solar panels grew by 30% in 2022, especially in Europe as a result of the Russian war in Ukraine and the need to source independent, secure energy suppliers, the company noted.
SunRoof provides solar roofs and facades complete with storage and software to support smart energy management. The developer is enabling consumers, businesses and governments to benefit from renewable energy at the expense of fossil fuels amid the climate and energy crises, the company noted.
(EUR 1 = USD 1.083)