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 www.sunvigo.de. 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.