Sun­vi­go secures 15 mil­lion euros

With Eneco and Spar­ta Cap­i­tal, two estab­lished funds from the renew­able ener­gy sec­tor are invest­ing in Sun­vigo’s rev­o­lu­tion­ary busi­ness mod­el. Spar­ta and Eneco, which are pro­vid­ing the bulk of the new financ­ing, are invest­ing a total of €10 mil­lion togeth­er with exist­ing investors such as Über­mor­gen Ven­tures and High-Tech Grün­der­fonds (HTGF). Deutsche Kred­it­bank (DKB) is pro­vid­ing a fur­ther 5 mil­lion euros 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 afford­able solar pow­er. In the first year after its foun­da­tion, the cus­tomer base increased more than tenfold.

Entry of two renowned investors sets the course for strong growth

Eneco and Spar­ta Cap­i­tal are now invest­ing in Sun­vigo’s con­tin­ued growth and vision. Hans W. Cool, Invest­ment Direc­tor of Eneco Ven­tures, sees Sun­vi­go as the ide­al com­ple­ment to Eneco’s port­fo­lio: “We believe there is a large mar­ket for Sun­vigo’s 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 by the busi­ness mod­el: “Sun­vi­go offers a trust­wor­thy solu­tion for the tran­si­tion to a low-car­bon world. This part­ner­ship is an impor­tant mile­stone for Spar­ta and we look for­ward to sup­port­ing Sun­vigo’s man­age­ment team in the com­ing years.” This will open up new oppor­tu­ni­ties for Sun­vi­go: “Through Spar­ta, we will be able to work with one of the lead­ing investors in the field and gain access to inter­na­tion­al cap­i­tal mar­kets to expand financ­ing for our solar sys­tems,” explains Dr. Michael Peters, founder of Sun­vi­go and solar expert.

In addi­tion, exist­ing major share­hold­ers such as Über­mor­gen Ven­tures and HTGF are once again par­tic­i­pat­ing in the financ­ing round, thus con­firm­ing their con­fi­dence in the solar ener­gy provider. A well-con­nect­ed fam­i­ly office, which was already involved in the last financ­ing round, is also invest­ing again. DKB is also increas­ing the financ­ing vol­ume for the solar plants by a fur­ther 5 mil­lion euros.

Dig­i­ti­za­tion, expan­sion of the Green Pow­er Com­mu­ni­ty and strength­en­ing of the Sun­vi­go team 

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 employs over 50 peo­ple and plans to grow strong­ly in all areas this year. In the future, Sun­vi­go will net­work its plants in vir­tu­al pow­er plants, mak­ing solar pow­er from the Sun­vi­go Com­mu­ni­ty avail­able to all elec­tric­i­ty customers.

The team can make good use of the rein­force­ment, because the demand for solar ener­gy is huge. “In recent months, demand has increased rapid­ly,” con­firms Dr. Peters. “Many peo­ple are over­whelmed by the cur­rent sharp rise in elec­tric­i­ty prices and are won­der­ing what they can do about the ris­ing costs. Switch­ing to solar ener­gy pro­vides a hedge against ris­ing prices. But until now, you had to put up with a lot of com­plex­i­ty for that. With Sun­vi­go, you can final­ly have both — pro­tec­tion against ris­ing prices through the solar sys­tem on your own roof and yet the pow­er sup­ply remains as sim­ple as with a clas­sic elec­tric­i­ty contract.”

About Sun­vi­go

Sun­vi­go is rev­o­lu­tion­iz­ing the use of solar pow­er for home­own­ers. Unlike PV sys­tem sell­ers or renters, the com­pa­ny is an ener­gy provider and offers home­own­ers a pow­er con­tract that includes solar. This means: Sun­vi­go installs and oper­ates the solar sys­tem. The cus­tomer only pays for the elec­tric­i­ty con­sumed and does not have to wor­ry about the cost­ly oper­a­tion and financ­ing of the solar sys­tem. If desired, solu­tions for bat­tery stor­age and charg­ing devices for elec­tric cars can be inte­grat­ed into the elec­tric­i­ty con­tract. For more info, vis­it Sun­vi­go is fund­ed by lead­ing investors, includ­ing Eneco, High-Tech Grün­der­fonds, Über­mor­gen Ven­tures and Spar­ta Capital.

About Eneco

Eneco con­sists of a group of com­pa­nies that oper­ate inter­na­tion­al­ly in the field of renew­able ener­gy and inno­va­tion. Togeth­er with our cus­tomers, part­ners and near­ly 3,000 employ­ees, we are work­ing towards our mis­sion: sus­tain­able ener­gy for all. Our goal is to become cli­mate-neu­tral togeth­er with our cus­tomers in 2035. Eneco Ven­tures invests in promis­ing young com­pa­nies that can accel­er­ate the ener­gy transition.

About Spar­ta Cap­i­tal Management 

Spar­ta Cap­i­tal Man­age­ment Ltd. was found­ed by Franck Tuil, a for­mer man­ag­er at Elliott Man­age­ment Cor­po­ra­tion. The first fund was launched in Sep­tem­ber 2021 with a glob­al mul­ti-strat­e­gy man­date invest­ing in both pub­lic and pri­vate mar­kets across the cap­i­tal struc­ture, with a focus on financ­ing the ener­gy transition.