Lithuanian solar tech startup PVcase raises $100M in a Series B

Vilnius- and Kaunas-based solar project design software provider, PVcase has announced the investment of $100 million, bringing the company’s total funding to over $123 million. Highland Europe, Energize and existing investor Elephant co-led the round. 

• Founded in 2018, PVcase is a next generation PV software company. The company focuses on automation and accuracy from the very earliest stages of planning, incorporating 3D topographical data points to simulate the actual location of the solar plant. Its customer base extends from Europe to North and South Americas, Asia, and Australia.
• This investment comes after the company’s recent acquisition of power system modeling and optimization software developer Anderson Optimization. PVcase introduced Anderson Optimization software to the European market, first covering Germany, Spain, and the UK.

• The fresh investment was co-led by:
  • London-based Highland Europe, that focuses on rapidly growing European internet, mobile and software companies that have over €10 million in annualized revenues
  • US-based Energize Ventures, that invests in climate tech businesses at the intersection of software and: renewable energy, industrial operations, electrification and mobility, infrastructure resilience, and decarbonization
  • US-based Elephant VC, that are focused on the enterprise software, consumer internet, and mobile markets.

“Data risk is a technical problem that has become an industry-wide constraint. We plan to use this investment to drive more cost and time savings by offering a one-stop solar design platform,”

David Trainavicius, CEO of PVcase said. 

• PVcase will use this investment to accelerate its expansion, to reach new markets, forge strategic partnerships, and to drive further innovation.