In a significant move towards enhancing Germany’s commercial and industrial (C&I) solar energy capabilities, Enviria, a Frankfurt-based solar startup, has announced a substantial funding boost. The company has successfully raised over $200 million in a Series B round from BlackRock, the world’s leading asset manager. This investment marks a pivotal moment for Enviria as it seeks to expand its portfolio of solar projects within the German market.
Enviria stands out in the German solar sector by focusing predominantly on photovoltaic energy solutions tailored for businesses, diverging from the common residential installation path. The company’s approach includes offering energy-as-a-service products, designed to meet the unique requirements of the C&I sector. Enviria’s innovative business model addresses the complexities involved in adopting solar power, such as regulatory compliance, system sourcing, and financial planning.
Unlocking commercial potential
Germany’s commercial and industrial entities consume approximately 70% of the nation’s electricity, yet only 10% of suitable company roofs currently utilise photovoltaic systems. This discrepancy highlights a significant opportunity for growth in the use of renewable energy within the sector. Enviria aims to bridge this gap by leveraging larger rooftop spaces common in the commercial and industrial sectors for the rapid deployment of solar energy capacities.
To date, Enviria has developed over 500 C&I solar projects across Germany. With the new funding from BlackRock, the company plans to significantly extend its reach. Enviria’s ambitious development pipeline includes around 2,000 projects, aiming to achieve more than 2.3GW of capacity. The target is to realise at least 1.7GW by 2029, setting a substantial benchmark for renewable energy adoption in the commercial sector.
A strategic partnership
The partnership with BlackRock is not merely financial; it brings a wealth of knowledge and experience to Enviria, especially from BlackRock’s global engagements in the solar sector. Melchior Schulze Brock, Enviria’s founder and CEO, expressed his enthusiasm for the collaboration:
“BlackRock brings exactly the resources we need to continue our growth – both financially and in terms of knowledge. Understanding the complex, capital-intensive nature of our business, BlackRock is able to support us in realising the full potential of the C&I sector across Germany.”
This alliance underscores a shared vision for the future of solar energy, emphasizing the strategic importance of the C&I sector in Germany’s energy transition. With BlackRock’s backing, Enviria is poised to make a significant impact, transforming how businesses contribute to and benefit from renewable energy.
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