Since the shock of Russia’s invasion of Ukraine in 2022, solar energy is having a moment in Europe. Electricity prices are rising while the investment required to put in rooftop solar panels is falling. This is due to recent subsidies, higher technology and several European startups that are working to enhance the installation process.
One of the start-ups driving the energy transformation of European households in Southern Europe is Samaraa Spanish company that raised a Series A funding round of €9 million ($9.8 million at today’s exchange rates) just two years after its founding.
“We have now supported over 1,700 families to transition to solar energy and other energy-conversion products,” Samara co-founder Manel Pujol told TechCrunch. “Since our launch in June 2022, we have become, in our opinion, the fastest growing energy transition company in Spain.”
The startup devoted most of its energy to optimizing the installation process. When potential customers land on Samara’s website, they will enter basic information to receive an initial quote and an estimate of how much they might save with a photovoltaic installation.
This looks like a strong start line, as customers can save as much as 70% on their grid electricity consumption – after all, Spain is one of the European countries with the most hours of sunshine.
Samara then gathers more information and creates a personalized installation proposal using the company’s proprietary quote tool. If the client wants to maneuver forward, Samara handles permitting, procurement and project management. The company has its own teams of project managers and electrical engineers.
When it got here time to truly start installing the solar panels and inverter, the company selected a hybrid strategy that involved each an in-house installation team and some external partners.
This approach is said to have two benefits. First, having an in-house installation team improved the overall product because the team can provide feedback and help improve the customer journey. Secondly, building a market for installers significantly increases Samara’s reach. Currently, the company operates in 75% of Spain.
Samara’s market also provides a competitive advantage as over 1,000 small firms are working on photovoltaic installations. These small players are not capable of offer a comprehensive service. At the same time, Samara can increase its revenues due to its own customer base.
In addition to photovoltaic installations, Samara offers batteries for homes and chargers for electric vehicles. Once you have installed solar panels on your roof, it’s a good idea so as to add a battery to scale back your electricity bills even further. Likewise, since you are not paying for your electricity usage, an electric vehicle charger is the logical next step.
On this front, Samara still has room to grow. “We currently see around a 20% connection rate for these products in our photovoltaic projects and a significant opportunity for further development of these products in Spain, which still lags significantly behind Germany, the UK and Italy in terms of the deployment of batteries and chargers for electric vehicles,” he said Pujol. .
Similarly, while 1,700 households have contacted Samara about a solar project, there are a total of around six million in Spain. So, on the one hand, the startup has barely scratched the surface of the potential to rework household energy supplies in its home market.
In Germany, similar startup Zolar has raised greater than $170 million since its founding in 2016. In France, energy renovation company Effy closed a $22 million financing round last 12 months after 15 years of initial startup, as energy renovation became a hot market for investors.
Samara’s Series A round was led by Green Generation Fund and Move Energy. Ring Capital, Athletico Ventures and current investors Seaya and Pelion Green Future also participated in the project. In total, as of 2022, the startup has raised €15.5 million ($16.9 million).