Solarstone, an Estonian solar roof startup, has secured €10 million in funding; with these funds, the company intends to expand building integrated solar photovoltaic solutions across Europe and beyond.
The investment will enable the company 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, it is investing in software solutions that empower stakeholders in the construction industry to design and procure solar power plants more effectively.
Leading the round was Biofuel – an asset management company focusing on environmentally friendly wood refining and sustainable forest management.
According to Silver Aednik, a co-founder and the CEO of Solarstone, energy production and consumption patterns are undergoing a major shift, with prosumer-generated capacities balancing the shortcomings of centralised energy generation.
Solarstone founders Mait Kukk, Mattis Jürimäe and Aednik have been producing building-integrated solar panels and technologies in Viljandi, Estonia, since 2016.
This is the company’s second significant funding round. Sunly, a renewable energy company, joined in 2019.