Madrid-based and SaaS startup RatedPower that focuses on cloud-based solutions needed by companies to figure out smarter processes aimed at minimizing the potential of solar photovoltaic, announced that the company has successfully secured €5.2 million in Series A funding round.
The funding round was led by Seaya Ventures, the European VC firm behind success stories like Glovo, Cabify, and Wallbox, which also include the participation of U.S-based investors.
The four-year-old company which focuses on renewable energy solutions, notably solar, is poised to increase the competitiveness of solar energy while delivering a seamless customer experience. However, the latest fund raised is to be deployed for the company’s growth and expansion in vital solar markets, typically in the United States, for swift product and feature development geared towards the startup’s mission as it seeks to emerge the SaaS suite in this energy space.
Looking at the solar space, it’s worth noting that the global cumulative solar PV capacity has continuously grown every passing year since 2015, understood to be the fastest-growing source of energy over the past decade. Which based on analysis, it is believed by 2024, cumulative solar PV capacity will reach over 1.4 terawatts, while 40% of energy will be generated from utility-scale power plants. And to deliver on the Paris Agreement, seeking systemic efficiency seems the only effective way to fight climate change.
The subject startup was founded by ‘Andrea Barber’, ‘Juan Romero’, and Miguel Angel Torrero after they had figured out these inefficiencies over a number of years, understanding the huge improvement potential with the aid of digital technologies to make solar energy implementation less expensive and efficient is important. And this is because, optimizing, designing, and the engineering required by solar plants is complex and overwhelming.
Further on this, is the pvDesign, and this is also the company’s all-in-one tool needed to speed up the optimization, design, and engineering process of solar photovoltaic projects. It is designed to help teams enhance their efficiency while taking advantage of a reduced cost of construction of PV plants and LCOE, which in the process increases accuracy and assets profitability. In view of this, the company’s pvDesign viewed as leading end-to-end software to instantly carry out all stages of solar farms has been growing solidly.
This is also seen as the cost of electricity from new solar PV farms has dropped 82% notably from 2010, according to International Renewable Energy Agency (IRENA), equally as a result of the increased efficiency of PV panels. However, RatedPower CEO and co-founder ‘Andrea Barber’ wrote:
“Over the past four years, we’ve built a unique SaaS platform that has smoothed out the process of building solar plants in almost every country on the planet. This is an important milestone in our journey – both for RatedPower as a company and for our clients – that will enable us to expand our solution, impact new markets, and help us bring closer our vision of making solar the main energy source, accelerating the energy transition”. – Per EU Startups
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