Estonian CleanTech startup Roofit Solar Energy raises €6.4M in the series A round to fully automate its production line of 2-in-1 solar metal roofs and meet the growing demand.
“The capital raised is mainly used to scale the company in our key export markets in Germany and Scandinavia, to further increase and automate our production capacity and improve the product,” Andri Jagomägi, the company’s founder and CEO, says. Jagomägi adds that they also continue developing proprietary solar roof planning software with value proposition for its customers.
“Roofit.solar caught our attention with a unique metal solar roof solution that allows to make a significant contribution to the green energy transition in terms of its aesthetic appearance, ease of installation as well as system cost and reduced carbon footprint,” says Greg Zavorotniy, the representative of BayWa r.e. Energy Ventures which focuses on future energy venture capital investments in Europe.
The investment round was supported by EdgeCap Partners, which focuses on private and venture capital investments in Europe; Taavet Hinrikus and Sten Tamkivi, successful Estonian entrepreneurs with experience at Wise, Skype, and other well-known companies; Spring Capital, a local venture capital fund; and a well-known IT company Helmes Investments.
Metal roofs that produce electricity
Roofit.solar panels are thin like a smart phone but extremely durable owing to steel and tempered glass. In comparison with Tesla, Roofit Solar Energy can demonstrate specific advantages such as the panel solution for metal roofs which is three times cheaper than Tesla’s offer.
Roofit.solar modules serve a dual purpose – they act as the roof covering and power generators at the same time. They represent building integrated photovoltaic (BIPV) construction elements that replace the conventional roofing materials, while electricity is produced in a photovoltaic layer integrated into the metal sheet.
On average, one 10 kW solar roof eliminates around 4 tons of carbon emissions annually, which is roughly equivalent to planting over 100 trees per year. The product has a 10-20% lower carbon footprint compared to regular solar panels as no aluminum frames nor extra materials are used for mounting. According to Roofit Solar Energy, their product plays a huge role in mitigating accelerated climate change, and they aim to build an ecosystem for decentralised renewable energy without compromising aesthetics, financial viability, and sustainability.
How it all started
The idea for Roofit.solar’s unique roofing technology was born out of a personal need and comes from a researcher at Tallinn University of Technology (TalTech) Andri Jagomägi. Jagomägi had been actively researching and testing solar panels for over 15 years and when it came to the planning of his own house construction, he wanted to have such a roof that looked like a regular roof but generated electricity at the same time. As existing solutions were quite costly, bulky, and unaesthetic, Jagomägi decided to invent the desired product himself and for this purpose, he founded Roofit Solar Energy in 2016. Later on, other co-founders, including Andres Anijalg (COO) and Raimond Russak (CFO) joined Roofit Solar Energy.
In 2017 Roofit Solar Energy introduced its standing seam solar modules to the local market and got so popular that it was hard to keep up with the demand. Since then the company products have received a lot of international recognition, including a Clean Air Challenge Award 2019, a silver medal from the European Business Award for Environment (EBAE) 2020-2021, Tallinn Entrepreneurship Award 2020, securing first place at Engie UK competition, and being named among the top Top 3 finalist at Startup Energy Transition in 2019.
In 2021 Roofit Solar Energy Double Seam modules successfully passed rigorous testing done by Kiwa Cermet Italy and got certified according to necessary photovoltaic (PV) industry standards. The company has sold its solar roofs in around 10 countries and delivered a 300% annual revenue growth over the last three years.
Despite the pandemic, Roofit Solar Energy has witnessed increased customer demand and decided to expand its existing operations in export markets.
The new round of funding will help Roofit Solar Energy to fully automate its existing production line in the Tallinn factory and to continue developing its roof planning software in order to meet the growing demand.
Currently the scientists of Roofit.solar are actively working on new and unique electricity-generating modules. Once the new products are finalised, this will enable the company to offer more efficient solar roofing materials and to expand its installation network faster.
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