Almost 20 million euros for Greentech Zolar

The Berlin-based start-up rents out photovoltaic systems, and now the environmentally oriented search engine Ecosia is investing.

The start-up Zolar has received equity financing of three million euros. Behind the investment is the search engine Ecosia, which uses its advertising revenue to plant trees. In turn, Zolar plans to use the investment to take out a loan of 20 million euros to supply 1300 households in Germany with solar energy. "Out of solidarity with the people of Ukraine and to protect our planet, we need to end our dependence on fossil fuels. And that is feasible with alternatives like wind and solar energy," says Christian Kroll, founder and CEO of Ecosia.

Zolar estimates that the solar installation industry is currently experiencing a boom. Since then, demand among homeowners has tripled, he says. In addition to the war in Ukraine, reasons include the shift to e-mobility and high fuel prices, he said. "We see a clear trend toward ever-larger photovoltaic systems on private homes," says Zolar founder Alex Melzer, adding that 90 percent of the startup's customers buy battery storage, which allows them to store solar power they don't use during the day and use it in the evening hours.

Melzer and Gregor Loukidis founded Greentech in Berlin in 2016. The startup now employs more than 330 people across Germany. The start-up offers a digital configurator that customers can use to either buy or rent the right photovoltaic system for their home. The installation is then carried out by local craftsmen.