Here comes the sun: solar energy is set to be by far the fastest-growing renewable energy source between now and 2030, thanks to declining equipment costs and growing demand. 

Deal-wise, solar energy startups have pulled in €966m from VCs so far this year, according to Sifted data. 

Thirty-three of the 49 deals we’ve counted have been for early-stage companies — up to and including Series A — with a median cheque size of €3.65m. Berlin-based renewable energy platform Cloover’s £105m seed round, led by Lowercarbon Capital, is the largest early-stage solar deal in 2024 so far.

Growth funding — Series B and Series C rounds — accounts for 62% of total solar investment in Europe this year. 

Debt rounds are powering Europe’s solar push — Berlin-based Enpal raised a huge €1.1bn round this year, while Estonia-based Sunly and Frankfurt-based Enviria raised €300m and €200m deals respectively. 

Relevant resources:

There will be more fun in the sun: here are the four early-stage startups that told Sifted they’re currently fundraising:

1/ GraphEnergyTech

Location: Cambridge, UK
Founded: 2022
Total funding: €1.2m
Last round: €1.2m pre-seed in August 2024
Investors: Venture Kick and Saudi Aramco
Fundraising: Currently raising a €4m seed round, to be completed by Q4 2025 
Pitch deck

Backed by Saudi oil giant Aramco, GraphEnergyTech integrates graphene material into solar cells as a substitute for precious metals. The Cambridge spinout is founded by professors Michael Grätzel and Andrea Ferrari.

2/ ROSI

Location: Seyssins, France
Founded: 2017
Total funding: €9.89m
Last round: €7.5m Series A in October 2022
Investors: EIT InnoEnergy, Linksium, EIC Fund, ITOCHU and Even Ocean Ltd
Fundraising: Currently raising a €15m Series A extension, to be completed by Q4 2024 
Pitch deck

With two PhDs and a silicon industry engineer in its founding team, ROSI recycles raw materials from end-of-life solar panels.

3/ Sunhero

Location: Barcelona, Spain
Founded: 2021
Total funding: €13.5m
Last round:  €3m debt in August 2023
Investors: Speedinvest, Acurio Ventures, Vorwerk Ventures, Redstone, Planet A Ventures and BBVA Spark
Fundraising: Currently raising a €5m Series A extension, to be completed by Q1 2025
Pitch deck

Founded by serial founders Christopher Cederskog and Stefan Braun, the company specialises in solar panel installations for homes and companies.

4/ Over Easy Solar

Location: Oslo, Norway
Founded: 2021
Total funding: €3.36m
Last round: €800k seed in December 2023
Investors: Angel Challenge, StartupLab, Hafslund, Aura Ventures, Eidsiva, Stratel and Katapult Group
Fundraising: Currently raising a €3m Series A, to be completed by Q4 2024
Pitch deck

With a PhD in materials for solar cells, physicist-turned-entrepreneur Trygve Mongstad founded this company to supply pre-assembled PV units for easy solar installations on roofs.