Zolar raised €20 million from Berliner Volksbank.

Zolar, a Berlin, Germany-based marketplace operator for residential solar systems, announced the completion of a €20 million ($23M) funding round.

The money was raised from  a special purpose vehicle with Berliner Volksbank, with additional debt financing announcements planned over the next few months.

Zolar, founded in 2016 by Alex Melzer (CEO) and Gregor Loukidis, is a manufacturer of photovoltaic systems integrated with a smart software management system and aimed at the consumer market. The company sells DTC via its platform, where custmers can access a Zolar Online Configurator and the Zolar Project Center, a portal for partnered installation technicians, helping them digitise their side of the work.

Zolar defines five quality criteria, which represent the next generation of energy companies: decentralized renewable energy systems, green and affordable energy, customer centricity, significant reduction in customers’ carbon footprint, with an ultimate goal of carbon neutrality, as well as electrification and smart energy management.

By installing a solar system on their own roof, customers are enabled to secure and allocate the main energy requirements of the household. Essential to this is the combination of electric mobility and solar energy, as well as the usage of self-generated power stored in residential batteries. The need for green and sustainably produced energy is also evident, due to rapidly increasing demands from customers.

Zolar previously raised #30 million series B in three tranches - the initial closed in 2019, second in September 2020 and the last in March 2021