Zolar raises $109 million to launch financing solution for solar energy

Zolara digital platform for residential solar in Germany, has reportedly raised €100 million (around $109 million) in financing to launch a new financing solution for residential solar consumers.

The company’s latest investment came from a global financial institution. BNP Paribas and raised its total financing to almost 300 million euros (about 326 million dollars), Tech Funding News reported Monday (April 8).

Zolar was founded in 2016 and provides an online platform where both solar system owners and installers can access solar solutions, according to the report.

The company said the number of queries to its platform has quadrupled this year and that it aims to increase installation capacity by expanding its network to 3,000 by 2025, according to the report.

Its new financing solution, “zolar Easypay,” allows consumers to secure a solar system without a deposit, determine the payment plan in an online configurator and receive an overview of the expected monthly payment amount, according to the report.

This solution arises in response to the demand for innovative financing that has grown as the residential solar market has matured. Jamie Heywoodsaid the CEO of Zolar, in the report.

“A huge thank you to BNP Paribas for supporting Zolar customers in their transition to solar energy,” Heywood said on Monday. mail It’s LinkedIn.

PYMNTS Intelligence has found that integrated finance can benefit businesses by creating revenue opportunities in two ways. In addition to generating direct revenue from the financial products themselves, the increased engagement and loyalty they impact can increase overall consumer spending with a given brand, according to “How non-financial brands can benefit from offering integrated financial services“, an Intelligence Service and Galileo collaboration.

In a previous funding round for a German company, an artificial intelligence (AI) startup Aleph Alpha said in November 2023 that it raised $500 million in a Series B financing round to research basic models, improve product capabilities, and expand marketing efforts. The company has developed its own large-scale language models and aims to compete with OpenAI.

In June 2023, the German travel platform Get your guide raised $194 million in equity and credit financing expand into North America and invest in AI innovations.

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