(PRESS RELEASE) STOCKHOLM, 25-Feb-2020 — /EuropaWire/ — Europe’s leading electricity and heat producer and retailer Vattenfall has announced it is taking part of the 2nd round of financing of Berlin-based solar management startup Solytic. Other investors include energy and telecommunications company EWE and several business angels, including Thelo Investors.
Launched in 2017, the German startup relies on artificial intelligence to digitize the monitoring and optimize further the operations of PV (photovoltaic) plants.
Since then Solytic has managed to grow and become a leading service company focused on data management related with photovoltaic (PV) plants. The company boasts some 100 000 PV plants with 2 GW combined capacity under management and is looking to expand to more than one million over the next three years.
Gunnar Groebler, Senior Vice President at Vattenfall, on investing in Solytic:
“We see significant growth potential in the solar sector. However, economic success depends on constructing renewable plants as cost-effectively as possible and operating them with data support. Therefore, the investment in a company like Solytic, which is clearly focused on digital services in this future-oriented area, is a very sensible investment for Vattenfall.”
Johannes Burgard, Managing director and co-founder of Solytic, on increasing the number of PV plants under management:
“Strengthened by our second round of financing, the goal is to increase the number of plants managed by Solytic to more than one million over the next three years and to expand internationally.”
Proceeds will be directed towards further product development, an expansion of the product range on the company’s own marketplace, as well as intensifying marketing and sales.
Vattenfall first invested in Solytic during the first round of funding in 2017.
Solytic makes a use of artificial intelligence (AI) to optimise the operation of solar plants by analysing existing data. Their software is recognizing weak points of a plant early, thus maintenance improved, repair costs reduced, and the overall operation management automated further.
Johannes Burgard added further:
“PV plants currently pay for themselves after 8-15 years. Here, we see considerable and still unused potential, by making it possible to reach the breakeven point of such plants faster.”
Dr. Urban Keussen, Board Member for Technology and Innovation at the Oldenburg-based energy company EWE on investing in Solytic:
“As an energy company we want to offer our customers simple and convenient solutions that reduce the complexity of their everyday lives. For us, this also includes services from partners such as Solytic, with which our customers can save time and money. The provision of such services is then a sustainable benefit for everyone involved.”