Sunhero, a Berlin and Barcelona based renewable energy startup that specializes in solar panel installations, has secured a 10 million EUR investment to accelerate its growth in Spain. The funding comes from various venture capital firms, including Planet A and Vorwerk Ventures, Redstone, and initial investors Speedinvest and All Iron Ventures.
The solar energy market in Spain is experiencing a boom, driven by favorable regulation and high prices of traditional energy sources. Sunhero is gaining ground in this sector, having already installed over a thousand solar panels since its founding in 2021. In 2022, the company generated 5 million euros in revenue.
The startup plans to use the funding to consolidate its position in the Spanish market and invest in software development and expanding its product line to include electric vehicle chargers. Sunhero founders Christopher Cederskog and Stefan Braun, both from Germany, chose to establish the company in Barcelona due to the business opportunity in the local market and the city’s ability to attract foreign talent.
Sunhero currently employs 100 people, with plans to add 80 more this year. The company expects to quadruple its revenue from 5 million EUR in 2022 based on it’s ambitious growth plan. Although the company has not yet achieved net profit due to its investment in expansion, the founders predict that they will do so by 2024 or 2025, when they plan to expand into Italy and Portugal.