Viljandi-based startup Solarstone has collected 10 million euros in a Series A round led by Biofuel OÜ, the Estonian asset management company. Founded by Mait Kukk, Mattis Jürimäe and Silver Aednik, Solarstone produces a solar panel which is a building-integrated roofing material (BIPV) by attaching the panel modules directly to the roof ridge without the need for expensive carriers. With this funding, the startup is planning to improve its efficiency in the market and expand its team to be able to standardize building-integrated solar solutions in residential and infrastructure construction across Europe.
Solar roofing manufacturer Solarstone raises €10 million
Solarstone – the Estonian solar roofing startup secures €10 million in funding. With these funds, Solarstone intends to expand building-integrated solar PV solutions across Europe and beyond. The company’s mission is to make building-integrated solar solutions the standard in residential and infrastructure construction.
The investment follows the 700th solar roof installation in 8 countries. According to Silver Aednik, co-founder and CEO of Solarstone OÜ, energy production and consumption patterns are undergoing a major shift, with prosumer-generated capacities balancing the shortcomings of centralized energy generation.
“The shift has led many to look towards adding their production capacity to where they live. Solarstone’s technology removes all barriers to making it happen as it makes it profitable, beautiful & climate conscious of adding solar directly to where they live,” states Silver.
The investment will enable Solarstone to upgrade production and develop the teams in Estonia and other strategic markets. The company is actively recruiting proptech experts to grow private and business segments.
In addition, Solarstone is investing in software solutions that empower stakeholders in the construction industry to design and procure solar power plants more effectively.
“Existing BIM models already facilitate the work of architects and engineers. Soon, implementation of modern satellite technology and an all-inclusive ecosystem platform will provide simple tools to design and deliver the most suitable integrated solar plant for all market players,” added Silver.
Leading the round was Biofuel OÜ – an asset management company focusing on environmentally friendly wood refining, and sustainable forest management, with a clear focus on sustainable energy management and production.
“Solarstone stands out from other solar solution providers with smart technology, which helps avoid unnecessary material and production costs in creating modern roofs. Innovative software and a proprietary hardware component provide a good impetus for the green revolution,” comments Biofuel’s CEO Andreas Laane.
This is Solarstone OÜ’s second significant funding round. Sunly, one of the leading renewable energy companies in the Baltics, joined the company in 2019.