The funds will be used to accelerate further product development and to intensify marketing and sales
Swedish energy company Vattenfall and EWE have made seven-digit figure investment in a Series A funding to Solytic, a German solar management company.
The funding round also saw participation from additional investors, including THELO Investors.
Solytic intends to utilise the proceeds to accelerate further product development, which includes an expansion of the product range on the company’s own marketplace, and to intensify marketing and sales.
Vattenfall senior vice president Gunnar Groebler said: “We see significant growth potential in the solar sector.
“However, economic success depends on constructing renewable plants as cost-effectively as possible and operating them with data support.
“Therefore, the investment in a company like Solytic, which is clearly focused on digital services in this future-oriented area, is a very sensible investment for Vattenfall.”
Solytic currently monitors more than 100,000 PV plants
Established in 2017, Solytic digitises the monitoring and optimises the operation of PV plants with the help of artificial intelligence.
It uses data from PV plants in a software-based solution to accelerate amortisation through comprehensively optimised performance.
The firm currently monitors more than 100,000 PV plants with 2GW combined capacity and aims to serve one million plants within the next three years.
EWE technology and innovation board member Urban Keussen said: “As an energy company we want to offer our customers simple and convenient solutions that reduce the complexity of their everyday lives.
“For us, this also includes services from partners such as Solytic, with which our customers can save time and money. The provision of such services is then a sustainable benefit for everyone involved.”