Small solar start-ups prove their worth through undeniable employee growth and expansion into international markets. Here’s a rundown on a few solar innovators, developers, and manufacturers based in the U.S., Europe, and Asia that have the potential for further M&A and strategic funding from institutional investors and VC firms.
1. Ezzing Solar
Location: Madrid, Spain
Key Executives: Alberto Cortes Villena (CEO)
Capital Raised: Unknown
Employee Growth Rate: 27%
Notable Partners: Wen Solar, AGN Solar, Sungevity, Wekiwi Solar
The Spanish-based B2B energy firm Ezzing Solar has operations in the capital city of Madrid with partnerships around Europe and extending as far as Turkey. Ezzing develops and markets a 3D design tool for clients to assess photovoltaic needs and receive consulting services and recommendations. In addition to the platform is a business strategy structured around cold-calling, outgoing sales, and profitability calculations for utility companies, manufacturers, distributors, and installers. In 2019, approximately 4 GW of solar energy was installed in Spain, putting the country as the top solar producer in Europe. Recently, Ezzing signed a deal with Turkish-based ElseRoof to become the exclusive paneling software platform for one of the top domestic and international rooftop panel providers. With several more international partners including U.S.-based Sungevity and Italian Wekiwi Solar, Ezzing has the right system in place. Ezzing is in early-stage growth and records only show a dated grant of €60,000, opening up potential for bigger name institutional investors.
2. Flisom AG
Location: Niederhasli, Switzerland
Key Executives: Rahul Budhwar (CEO), Dr. Fachri Atamny (CTO)
Capital Raised: Unknown
Employee Growth Rate: 14%
Notable Partners: ETH (Swiss Federal Institute of Technology) and EMPA (Swiss Federal Laboratory for Materials Science & Technology)
Flisom AG is a Swiss-based solar panel manufacturer and innovator with a main product line consisting of aerospace products, infrastructure, and solar panels. The company was originally founded in 2005 as a spinoff of the Laboratory of Solid-State Physics of the Swiss Federal Institute of Technology (ETH) Zurich. Flisom developed and currently produces eFlex, a light but durable PV panel made to be unbreakable in various sizes and works on EPDM, TPO and Modified Bitumen membrane roofs. Due to innovative CIGS technology, the eFlex has the highest energy yield in all conditions. Flisom has operations throughout Europe and is looking to expand globally, giving investors a solid product line (launched operationally in 2016) to optimize their portfolio.
3. Soli-Tek
Location: Vilnius, Lithuania
Key Executives: Julius Sakalauskas (CEO)
Employee Growth Rate: 9%
Capital Raised: €120,000 grant
Notable Partners/Clients: Svensk Sol Energi, International Energy Cluster, European Union, Norwegian-Lithuanian Chamber of Commerce
Soli-Tek Cells is a Lithuanian-based solar panel manufacturer and services provider with European operations and partnerships with many international universities. Soli-Tek started in 2009 as a photovoltaic research firm and now has an operational product line with manufactured solar panels, bundles, as well as services and consulting for installers and project developers. According to their website, over 90% of their business is to EU customers and 60% specifically to Sweden, Norway, and Germany. In their early-growth operational stages, expansion is key and institutional investors may look at Soli-Tek as an opportunity that could begin to expand outside the European market.
4. Greensolver
Location: Offices in Dublin, London, Paris, and Groningen.
Key Executives: Guy Auger (CEO)
Employee Growth Rate: 5%
Capital Raised: €70,000 grant
Notable Partners/Clients: Aventron, Romande Energie, SolarFields, Glennmont Partners
Greensolver is a multi-national renewable energy asset optimization firm with operations dedicated to offering consulting services, technical and commercial asset management, construction management, and installation advisory. The company has a deep base of clientele across Europe and approximately 16 GW affected through indirect consulting, management, and asset optimization. Greensolver’s operations are primarily based in two fields: wind power and solar harvesting. Holding multiple ISO certifications and proven asset profitability increases, Greensolver appears to be a great opportunity for investors looking primarily at solar-based services and asset management in contrast to direct manufacturing.
5. Karm Solar
Location: Cairo, Egypt
Key Executives: Omar Hosny (CTO)
Employee Growth Rate: 4%
Capital Raised: Unknown
Notable Partners/Clients: EDF Renewables
Egypt’s largest private solar utility provider Karm Solar is a solar panel manufacturing and services firm that has a reputation of being the first Egyptian solar integrator to obtain a license from the Egyptian Electricity Regulatory Agency (EgyptERA) to generate and sell solar-produced electricity to domestic consumers. The company is made up of three major segments: KarmPower, a subsidary that invests in solar Private Purchase Agreements (PPA) and offers a package of services related to installation and project management, KarmBuild, a product design segment related to construction and development, and the Karm Solar R&D segment that currently focuses on solar monitoring interface, power electronics, and assessment of new tech introductions to the market. Originally founded in 2011, Karm Solar is the biggest name for the North-African country and has landed investments from international firms like French-based EDF Renewables and Endure Capital. The company is still in late-stage VC rounds and is seeking greater funding to expand operations.
6. Grasshopper Solar
Location: Offices in Ontario, New York, and Tokyo.
Key Executives: Azeem Qureshi (CEO), Jonathan Persaud (CDO)
Employee Growth Rate: 6%
Capital Raised: $270 million (debt financing)
Notable Partners/Clients: LG Electronics, US Solar Industries Association, Deutsche Bank
As the largest solar power company in Canada, Grasshopper Solar is an energy asset management and optimization firm with a proven track record of providing sustainable solutions to clients. The company focuses on acquiring, developing, and maintaining solar projects and deriving more value from assets. Grasshopper has won multiple awards including Solar Innovator of the Year and Solar Developer of the Year. With primary operations in North America and Japan, the Canadian solar powerhouse also has managed projects and assets in Latin America and Asia as well. With a five faceted business core segment focused in legal and regulatory investigation, acquisition and development, corporate finance, asset management, and project management, Grasshopper is a strong player in the North American markets for investors to consider. They underwent an extensive debt financing round in 2018.
7. 24/7 Solar
Location: Great Falls, Virginia (USA)
Key Executives: Bruce Anderson (CEO)
Employee Growth Rate: Unknown
Capital Raised: Unknown
Notable Partners/Clientele: Funding through U.S. Department of Energy through Wilson Solar, a spinoff of MIT faculty
24/7 Solar (Wilson Solar a subsidiary) is a U.S.-based solar plant manufacturer and innovator with technology poised to change the way heat and solar energy can be used, especially in the mining industry. With groundbreaking technology like their SolarSystem, SolarPlant, Solar Power Block, and Heat Exchanger, 24/7 is converting sunlight to energy and then using the excess heats for functions like heating buildings and driving absorption chilling systems for space cooling and refrigeration. The 247Solar Plant TM is the main business core for the company, offering a B2B package for “a low-risk, financeable, and rapidly-deployable turnkey clean power solution with 24/7 operation†(24/7 Solar). The power system also offers independently “higher ROI/NPV than PV or wind for projects from 400 kW (~4 acres) to utility scale.†For investors, 24/7 Solar is a domestic opportunity for a B2B supplier that has a track record of generating good cash flow.
8. Silicon Solar
Location: Bainbridge, New York (USA)
Key Executives: Adam Farrell
Employee Growth Rate: 2%
Capital Raised: Unknown
Notable Partners: Over 150,000 customers including U.S. Government
Silicon Solar is a small U.S.-based solar manufacturer with operations in upstate New York and a product line including solar panels, solar light kits, solar pumps, and battery chargers. Originally founded by two Cornell graduates, Silicon Solar finds practical solutions and innovates solar energy for use by everyday consumers as well as B2B. The company also offers design and consulting services to businesses looking for solar electronics and customized project development. They offer flexibility in prototypes with the solar paneling to fit each customer’s needs. For investors, it’s the perfect size company for funding to expand product lines and extend operations into R&D.
9. Energy Advisor Hub
Location: USA
Key Executives: Amir Salahi (CEO/Founder), Chris Gregory (CFO)
Number of Employees: 5
Capital Raised: Unknown
Notable Partners: Unknown
Energy Advisor Hub is a U.S.-based solar marketer and marketing software provider looking to connect the solar industry through connections with homeowners, financing firms, lenders, and project developers. Within the firm, there is opportunity to expand with a cloud-based software that connects client with loans that function well for their operations. Energy Advisor also specializes in helping installers beat the competition and use the cloud technology to optimize their assets and buy the best available. One of their bigger products is the Solar Yellow Pages, a public e-commerce site for California homeowners to connect with solar energy providers, better helping the state reach its clean energy goals. For potential investors, Energy Advisor Hub is something marketable to connect the solar industry and provide a better clientele for any player within the market. This company continues to exhibit growth as an important liaison between global partners to advance solar overall.
10. Solarify
Location: Bangalore, India
Key Executives: Sharath Devineni, Akshay Harikumar, Aravind Kannan
# of Employees: 10
Capital Raised: $30,000
Notable Partners: Pragathi Construction
Solarify is an Indian-based solar manufacturer with operations based primarily in Bengaluru in central India. The company offers services such as site surveying, specialized PV design, impact modeling, complete installation, and support services for maintenance. In addition, Solarify handles any legal paperwork with local governments related to the installation for the solar energy systems. A three-pronged system helps customers decide on the best buy plan for them with the options being a payment per unit of electricity consumed, extensive financing, and outright cash purchasing. Potential investors may see this as a small start-up but there is huge potential for growth with over 500 KW installed in the past ten years.
11. Bright Source Energy
Location: Oakland, California (offices in China, UK, and Israel)
Key Executives: H. David Ramm (CEO), Eitan Abramovich (CFO)
# of Employees: 417 (200% growth rate)
Capital Raised: $615 million (corporate financing)
Notable Partners: Google, GE, NRG, Chevron, SEIA, Sastela, CSPA
Bright Source Energy is a late-stage growth company with global operations that specializes in designing and developing solar thermal technology for utility-scale power plants. The high temperature steam is developed and deployed to a wide variety of customers including petroleum, mining, and industrial-process segments. With over $615 million raised through corporate financing from big-name investors like Morgan Stanley, Black River, VantagePoint Capital, and DBL, investors should look at Bright Source as an opportunity for debt financing or even potentially an IPO.
