Estonian startup Solarstone secures €10M to develop solar roofing

The Estonian-based startup Solarstone has secured a €10 million investment in a Series A round. Biofuel, an Estonian asset management company, led the round to develop solar roofing.

• Founded in 2015 by Mait Kukk, Mattis Jürimäe, and Silver Aednik, Solarstone produces building-integrated solar panels (BIPV) which perform as regular roofing material while harnessing solar energy. Basically, the solution can replace traditional roof tiles, shake or shingle roofs with innovative solar modules to produce green energy.
• Biofuel led the Series A funding round. It is an asset management company investing in environmentally friendly and sustainability focused startups. The investment followed Solatstone’s 700th solar roof installation in current eight countries.

“Solarstone stands out from other solar solution providers with smart technology, which helps avoid unnecessary material and production costs in creating modern roofs. Innovative software and a proprietary hardware component provide a good impetus for the green revolution,”

Biofuel CEO Andreas Laane comments on the investment.

• This is Solarstone’s second significant funding round. In 2019, the startup completed a €500,000 seed funding from Sunly, one of the leading renewable energy companies in the Baltics.
• With the fresh funding, the company plans to upgrade production and develop the teams in Estonia and other strategic markets. Now, Solarstone is recruiting proptech experts to grow private and business segments.