Bulgarian energy startup AE Solar Horizon receives €3.5M
The Sofia-based energy startup AE Solar Horizon has received a €3.5 million initial investment to provide a long-term and environmentally-friendly energy solution. The investment was co-led by New Vision 3, AE Solar GmbH, and ELIA.
- Founded in 2022 by Ilko Yotzev and Evgeni Stefanov, AE Solar Horizon is an energy supply company that plans to produce Tier-1 photovoltaic (PV) panels in the Balkans. These panels are aimed to produce both electric and heating energy.
- AE Solar Horizon claims that Tier-1 PV have higher productivity and better heat resistance, so implementing such panels can save up to €1 billion per year for governments and businesses.
- The fresh round was provided by a Bulgarian VC fund New Vision 3, which focuses on investing in local companies with new and innovative business models or technologies, with €1 million.
- German manufacturer AE Solar GmbH that specializes in photovoltaic panels technology innovation, applications, systems development gave €2 million, and Sofia-based ELIA AD engineering company that produces and installs electric power equipment invests €500,000.
“The €3.5M investment in the company is a good start. In the months to come, our aim is to raise additional funds, reaching €100M by the end of next year. A further step will be an IPO, as we are already in talks with different European stock exchanges”,lko Yotzev, co-founder of AE Solar Horizon explains.
- AE Solar Horizon plans to spend the funding to build 3 photovoltaic production plants in Bulgaria, North Macedonia, and Greece by September 2023. Working at full speed, panels will produce 4TWh of energy every year in the region.