More news about Younergy

CHF800k for Europe’s first distributed utility

21.12.2018 14:20

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PV systems

Swiss solar-as-a-service provider Younergy closes its first round of Venture Capital financing of CHF 800 k. Younergy offers solar plus grid electricity services to residential and commercial customers.

With 550 references in Switzerland, Younergy installs and owns solar photovoltaic systems on rooftops and uses the energy to provide both solar and grid electricity at a combined rate that can be competitive to relying solely on the grid. Younergy optimizes own consumption by integrating batteries and thermal energy storage in its Solar Abo, Solar Direct and Solar Community offerings. Younergy’s vision is to become the first European distributed utility. 

The financing round was led by Swiss digital media pioneer Virtual Network SA. The round also included the rooftop solar PPA developer Engynious AG. For Virtual Network founder, Stéphane Pictet, “Younergy has the concept and the management team that can pull off this big idea. Their Solar Community product for sharing solar electricity in multi-family buildings is simply a great deal for customers. We definitely need innovation in the energy space and we feel that the incumbents are not really doing as much they could. There’s space in the market for a different type of utility.”

Younergy is investing the round’s proceeds to further develop its MyYounergy platform: a software backbone that streamlines the “going solar” process from lead generation to installation, operation, maintenance and billing. “Digitalization and automation are key success factors when you’re building the utility of the future. Our energy services and technology will be used to partner with local companies in target markets and achieve much higher growth rates than we would relying solely on a traditional growth path”, states Jean-Paul Noujeim co-founder and CCO.   

Younergy plans to enter the Iberian Peninsula in 2019 and is currently in talks with potential partners in the Spanish market. A further financing round is also planned for 2019.

(Press release)
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