# SolarWorX

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/solarworx

- Industry: Energy Storage & Batteries
- Headquarters: Berlin, Germany
- Website: www.solarworx.io
- Total disclosed funding: $2.2M
- Latest round: Series A (Mar 16, 2021)
- Investors on record: 3

## About

Based in Berlin, Germany, SolarWorX GmbH specializes in innovative solar energy solutions for the off-grid market, providing modular solar home systems and business solutions for sustainable energy needs.SolarWorX GmbH, founded in 2017 in Berlin, Germany, focuses on delivering solar energy solutions designed for off-grid applications. The company was established by Franz Buschmeier. It gained traction in the market with two deals, including its most recent funding round in March 2021, where it raised EUR 1.00 mn in Series A funding led by Canadian Solar Inc., with participation from DEG and InnoEnergy. This funding supports its mission to provide energy solutions to underserved populations without stable grid access.SolarWorX specializes in advanced solar energy solutions tailored for the off-grid market, focusing primarily on modular solar home systems and business solutions. Their flagship products include the Solego series, featuring models like Solego 80/160, Solego Lighting Kit, and Solego Fridge Kit, providing reliable electricity for various applications such as household lighting, refrigeration, and water pumping. The company targets a diverse customer base, including households, kiosk operators, poultry farmers, and small-scale agricultural operations, particularly in regions like East Africa, with a presence in countries such as Cameroon and Nigeria.The revenue structure of SolarWorX is primarily based on direct sales of solar products to end users and partnerships with local distributors. Clients typically purchase products like the Solego Home Kit and Solego Fridge Kit, using transaction models that include outright purchases and financing agreements for larger installations. The PAYGO switch allows for retrofitting solar home systems, enhancing accessibility through flexible payment options. This framework is crucial for building long-term customer relationships and growing the off-grid solar market in the regions served.In March 2021, SolarWorX GmbH raised EUR 1.00 mn in Series A funding to expand its product portfolio and sales activities, aiming to electrify some of the 1.2 billion people living without stable grid connections. Future plans include launching new products designed for emerging markets and expanding into additional regions, particularly targeting other parts of Sub-Saharan Africa. The recent funding will facilitate these initiatives, enhancing the company's capabilities to meet the energy needs of underserved communities.

## Funding rounds

- Series A, Mar 16, 2021, $1.2M — DEG, InnoEnergy, Canadian Solar Inc.
- Seed, Jul 28, 2020, $1.1M — InnoEnergy

## Investors

- InnoEnergy (https://capitalatlas.ai/funds/innoenergy) — Seed, Series A
- DEG — Series A
- Canadian Solar Inc. — Series A