- The investment will be used for SunRoof’s global expansion in Germany, the Nordics, Poland and the US, allowing more homeowners and businesses to benefit from SunRoof’s state of the art solar technology, reducing their emissions and their energy bills
- SunRoof offers homeowners a complete energy management system including solar roofs, storage and a digital platform where they can track, monitor and manage their energy use
- By combining traditional materials with state-of-the-art energy-capturing technology, SunRoof’s solar roofs are the most productive, per square metre, in the world
- SunRoof has closed its oversubscribed growth round at €28.5 million - after its first close announced in September 2022, led by the pan-European growth Equity fund Klima Energy Transition
Serving the world’s soaring solar demand
The smartest network of connected, solar homes worldwide
In Europe, we’re facing two crises: the climate and the energy crises. SunRoof is enabling consumers, businesses and governments to access and benefit from independent, regenerative energy and end the overreliance on fossil fuels. I’m delighted to have this brilliant consortium of investors on board, who collectively are the best possible combination of funds for SunRoof at this growth stage. Thanks to this group of brilliant climate investors with resources to provide hands-on support and connections to their respective networks, I truly believe we will be able to accelerate our growth even further and will be well-positioned to rapidly conduct our international expansion at the end of 2023,
said Lech Kaniuk, Co-Founder and CEO of SunRoof.
Solar panels are one of the most effective tools we have to pioneer a regenerative future and combat the climate crisis yet there is still a lot of reticence from prospective customers, not to mention the supply chain challenges and installation crisis which are holding back the industry. SunRoof’s solution is the kind of thinking we need to tackle the climate crisis and prevent megatonnes of C02e from entering the atmosphere,
said Tim Schumacher, General Partner at World Fund.
Due to its efficient core product servicing a large and fast-growing market favoured by non-cyclical tailwinds and a digitised market approach which has already proven successful in different markets, Sunroof is poised to convert its current regional front runner position into becoming a European category leader in the booming BIPV space,
said Rasmus Lund, Investment Partner at Nordic Alpha Partners.
We have worked intensively with Lech and his team on refining the strategy. Sunroof has an outstanding team capable of outperforming the market based on the differentiated growth strategy and a highly data-driven expansion playbook,
said Adam Erritzøe, Value Creation Partner at Nordic Alpha Partners.
Legal & General Capital is investing in the energy transition to support the scale up of innovative businesses that deliver solutions to reduce carbon emissions throughout the economy, and over the past six years, our investments have focused on decarbonising power, transportation and the built environment. We are delighted to invest in SunRoof, a business bringing innovation in design and customer experience to rooftops across Europe, to support homeowners and businesses in their transition from fossil fuel generated power. We look forward to working with our new partner as SunRoof accelerates its growth into new markets globally,
said John Bromley, Managing Director - Clean Energy Strategy, Legal & General Capital.
SunRoof builds powerful 2-in-1 solar roofs and innovative façades that generate electricity, replacing the need of a traditional roof. SunRoof is a smart investment and functional roof providing an efficient energy solution with uncompromising elegance. Our mission is to speed up the global transition to renewables by developing elegant roofs that, by generating electricity, will cover the energy demand of the entire building. SunRoof’s ambition is to provide solar roofs with the lowest carbon footprint on the market.
About World Fund
World Fund is the leading European-focused climate venture capital fund established by Daria Saharova, Danijel Višević, Craig Douglas, and Tim Schumacher. From energy, food, agriculture, and land use, to building materials, manufacturing and transport, World Fund is investing in European climate tech with a climate performance potential (CPP) of at least 100Mt CO2e emission savings per year. Because we need to decarbonise our economy, startups with such CPP will be among the most valuable companies of the next decade.
About Nordic Alpha Partners
Nordic Alpha Partners is a leading European Industrial Greentech fund investing in growth stage companies with technologies having a substantial environmental impact and potential to become global category leaders.
About Legal & General
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
About Legal & General Capital
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs. Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future. Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
(As of June 2021)
About the Klima Energy Transition Fund
Klima Energy Transition Fund is the result of a partnership between Alantra, a seasoned investment team in the energy sector and Enagás, a leader in the energy infrastructure segment and technical manager of the Spanish gas system. The 210M€ growth equity fund takes minority stakes in companies located in Europe and North America with high growth potential in energy transition sectors such as low carbon solutions, smart power grids and markets, energy storage and technologies enabling a stronger penetration of renewables in the energy mix, digitalization of the whole energy equation, energy efficiency technologies and sustainable transportation.