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Climate Tech

Solar Energy Adoption is Setting New All Time Highs

September 24, 2023
x min read

Solar energy is on the rise.

And the momentum is beginning to find its way towards startups across the world.

What’s happening:

  • This has been a record setting year for solar energy with more installations than ever
  • In the United States alone, new solar installations and projects are projected to end the year up over 50% from last year

Why it matters:

  • The United States Inflation Reduction Act has spurred incentives for clean energy infrastructure and solar has been a large benefactor
  • Globally, the cost of solar installations continue to come down due to increased manufacturing capacity and the rise of new solar startups
  • Generating renewable power through solar energy is quickly becoming a focal point globally, with China leading the way in new solar projects

Who is making moves:

  • Arizona based solar panel manufacturing startup Erthos recently raised $24M led by Capricorn Investment Group, who previously backed Tesla and SpaceX
  • UrbanVolt recently raised $26M for their unique approach to solar, which focuses on helping European businesses transition to solar energy without upfront capital costs
  • Mexico based solar startup Bright recently landed $31.5M in a Series C raise, which included notable participation from Leonardo DiCaprio and the Danish ODS Fund
  • Okra Solar, a startup focused on bringing solar energy to developing parts of the world, recently closed a $12M Series A

By the numbers:

  • Europe is seeing a massive increase in venture funding for solar focused startups, with over $6B in new startup funding so far this year
  • On a year over year basis, that represents a 400% increase in European based venture funding for solar
  • China is expected to soon represent 50% of all new solar installations globally, a clear signal of their dominance in the space

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