Roofit.Solar secures EUR 6.45m to expand solar roof production

March 14 (Renewables Now) - Roofit.Solar, an Estonia-based climate tech scale-up specialising in building integrated (BIPV), has successfully raised EUR 6.45 million (USD 6.9m) in a financing round led by existing backers BayWa r.e. Energy Ventures and EdgeCap Partners.

The Estonian firm announced this last week, saying that the total amount secured through various equity funding rounds now reaches EUR 17 million. It also has an additional EUR 2 million in grant funding.

Founded in 2016, Roofit.Solar is a developer and supplier of elegant solar roofing solutions for both private customers and the roofing industry. It plans to use the new financing to raise its production capacity and expand in its home markets of Germany, Sweden, and Estonia, while also extending its distribution network across Europe.

Roofit.Solar says that in 2022 it managed to triple annual revenue and almost double its solar module production.

(EUR 1.0 = USD 1.071)