Solar startup Sunvigo raises EUR 15 million in financing round with Eneco, Sparta Capital and DKB

SOURCE: Sunvigo Press Release

February 8, 2022

Founders Team Sunvigo: From left to right Bastian Bauwens ; Dr Michael Peters and Dr. Vigen Nikogosian.

Cologne, 08.02.2022 - Eneco and Sparta Capital, two renowned financiers with a strong focus on the renewable energy sector, are investing in the revolutionary business model of Sunvigo. Sparta and Eneco, which are providing the largest share of the new funding, 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 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 afordable solar power. In 2021 Sunvigo has grown its customer base by more than tenfold.

Eneco, Sparta Capital and Deutsche Kreditbank (DKB) are now investing in the further growth and vision of Sunvigo. Hans W. Cool, Investment Director of Eneco Ventures, considers Sunvigo the ideal complement to Eneco's portfolio: "We believe there’s a strong market for Sunvigo’s low-barrier, no-frills product. We also see many potential synergies, for example with Eneco's subsidiary LichtBlick." Guillaume Sarlat, Head of Sustainability Investment at Sparta Capital, is also convinced of the business model: "Sunvigo represents a credible solution in the pivot towards a low-carbon world. This partnership represents an important milestone for Sparta, and we are delighted to be supporting Sunvigo’s management team for years to come."

This opens up new opportunities for Sunvigo: "Through Sparta, we get to partner with one of the leading investors in the space and obtain access to international capital markets to expand the financing of our PV systems.", explains Dr Michael Peters, founder of Sunvigo and solar expert.

Existing shareholders, such as Ecosummit, HTGF, Übermorgen Ventures and a family oce, are once again participating in the financing round, thus confirming their confidence in the solar energy provider. DKB is also increasing the financing volume for the PV systems by another €5 million in debt capital.

The 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 has more than 50 employees and wants to grow substantially in all areas this year. Sunvigo also plans to link its systems to create virtual power networks and thus make solar power from the Sunvigo Community available to all electricity customers.

"The demand for solar energy has increased rapidly in recent months," confirms Dr Peters. "Many people are overwhelmed by the strong rise in electricity prices and are asking themselves what they can do against the rising costs. Switching to solar energy makes it possible to protect yourself against rising prices. However, until now you had to put up with a lot of complexity. With Sunvigo, you can finally have both – protection against rising prices through the PV system on your own roof combined with the simplicity of a standard power contract."

About Sunvigo

Germany's first decentralized energy provider, Sunvigo is revolutionizing the use of solar power for homeowners. In contrast to sellers or renters of PV systems, the company is an energy provider and oers homeowners an electricity contract inclusive of the PV system. This means: With Sunvigo, the customer only pays for the electricity consumed, but not for the components of the PV system. If desired, solutions for battery storage and charging devices for electric cars can be integrated into the electricity contract. Sunvigo installs, operates and maintains the PV systems and provides 100% renewable electricity to customers. Sunvigo is funded by leading investors, including Eneco, High-Tech Gründerfonds, Übermorgen Ventures and Sparta Capital.