# Merlin Solar Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/merlin-solar-technologies

- Industry: Renewable Energy
- Headquarters: San Jose, US
- Website: www.merlinsolar.com/
- Total disclosed funding: $31M
- Latest round: Series B (Oct 27, 2024)
- Investors on record: 3

## About

Founded in 2016 and based in California, US, Merlin Solar Technologies, Inc. is involved in the development of solar technology. Venkatesan Murali (CTO) and Bob Brainard are the co-founders of the company. In October 2024, Merlin Solar Technologies, Inc. raised USD 31 million in Series B funding co-led by Fifth Wall Ventures, Saint-Gobain Group, and Ayala Corporation.

Merlin Solar Technologies specializes in solar solutions tailored for commercial transportation, roofing, and mobile applications. The company’s core product offerings include the Merlin™ solar panels, featuring a patented thin glass system that is 80% lighter than traditional panels while providing 20% more energy than thin-film technology and achieving a 50% higher power density. These panels are designed for durability and easy installation, making them suitable for various challenging environments, including heavy-duty vehicles, light and medium-duty vehicles, and lightweight membrane roofs. The end users of these products include commercial transportation companies, disaster relief organizations, and residential customers seeking efficient roofing options. Geographically, Merlin Solar targets markets across North America and select international regions where there is a demand for reliable solar solutions in both mobile and stationary applications.

The revenue model of Merlin Solar Technologies is structured around direct sales and partnerships with commercial clients in the transportation and roofing sectors. Pricing plans are structured based on volume and specific customer needs, where clients may engage in one-time purchases or establish longer-term contracts that facilitate ongoing supply for their operations.

The organization plans to use the October 2024 funding to increase production capacity and secure working capital to meet growing customer demand.

## Funding rounds

- Series B, Oct 27, 2024, $31M — Ayala Corporation, Saint-Gobain Group, Fifth Wall Ventures

## Investors

- Ayala Corporation — Series B
- Saint-Gobain Group — Series B
- Fifth Wall Ventures (https://capitalatlas.ai/funds/fifth-wall-ventures) — Series B