Solar energy is briefly gaining attention in Europe following the shock of Russia's invasion of Ukraine in 2022. Electricity prices are rising while the investment required to install solar panels on your roof is decreasing. This is thanks to new grants, improved technology and several European startups working to streamline the installation process.
In Southern Europe, one of the startups leading the energy transition for European households is Samara, a Spanish company that raised a €9 million Series A funding round ($9.8 million at current exchange rates) just two years after it was founded.
“We have now helped more than 1,700 families transition to solar and other energy transition products,” Samara co-founder Manel Pujol told TechCrunch. “Since our launch in June 2022, we have grown to become the fastest growing energy transition company in Spain.”
The startup spent most of its energy optimizing the installation process. When potential customers visit Samara's website, they can enter basic information to get a preliminary quote and quote on how much they could save with a solar installation.
This seems like a strong starting point as it allows customers to save up to 70% on their power consumption from the grid. Spain is, after all, one of the sunniest European countries.
Samara then followed up to gather more information and create a personalized installation proposal using the company's proprietary proposal creation tool. If the client wants to move forward, Samara handles permitting, procurement and project management. The company has its own team of project managers and electrical engineers.
When it came time to actually begin installing solar panels and inverters, the company chose a hybrid strategy involving an internal installation team and some third-party partners.
This approach is said to have two advantages. First, having an in-house installation team allows this team to provide feedback and help improve the customer journey, which improves the overall product. Second, building an installer marketplace will significantly increase Samara’s reach. Currently, the company operates on 75% of Spain's territory.
Samara's market is also a competitive advantage, as there are more than 1,000 small companies engaged in solar installation. These smaller players cannot really provide end-to-end services. At the same time, Samara can increase revenue through its own customer base.
In addition to solar installations, Samara also offers home batteries and electric vehicle chargers. After installing solar panels on your roof, consider adding batteries to further reduce your electricity bills. Likewise, since you're not paying for your electricity consumption, an EV charger is the logical next step.
In this aspect, Samara still has room to grow. “Currently, we see an attachment rate of these products in solar projects of around 20% and we see significant opportunities for further development of these products in Spain, which is still behind Germany, the UK or Italy when it comes to battery and EV charger adoption. It lags significantly behind,” Pujol said. .
Likewise, 1,700 households have contacted Samara for solar projects, but there are a total of 6 million households in Spain. So, in one respect, startups have barely surfaced yet the potential to transform household energy supply in the domestic market.
In Germany, a similar startup, Zolar, has raised more than $170 million since its founding in 2016. In France, energy innovation company Effy closed a $22 million funding round last year after 15 years of bootstrapping as energy innovation has become a hot market. For investors.
Samara's Series A round was led by Green Generation Fund and Move Energy. Ring Capital, Athletico Ventures, existing investors Seaya, and Pelion Green Future also participated. In total, the startup has raised €15.5 million ($16.9 million) since 2022.
