Lithuanian company PVcase, a solar technology solution that helps design, estimate and optimize solar assets on a commercial and utility scale, announced that it has secured $ 23 million (approximately € 19.9 million) under of its Series A funding cycle.
Investors in this round
The round was led by Elephant VC, a venture capital firm focused on enterprise software, consumer internet and mobile markets. The company was founded in 2015 in Boston, Massachusetts.
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As part of the transaction, Peter Fallon of Elephant VC will join the PVcase board of directors.
Fallon said: “On a mission to fight climate change with software, PVcase has quickly established itself as one of the most exciting solar technology companies in the world. These are solutions designed by solar engineers for solar engineers and offer the opportunity to start a new era of accelerated solar innovation. “
The cycle also saw the participation of existing investors Contrarian Ventures and Practica Capital.
Funds for expansion into new markets
The proceeds from this cycle will help PVcase to further develop its products, support its expansion in the United States and accelerate recruitment for positions and remote roles in its offices in Lithuania, Spain and Germany.
By expanding its product portfolio, the company will invest in building a data-driven solar technology platform for all solar engineering needs. This includes a product pipeline to cover the entire solar project lifecycle – from sales and development to construction, operation and maintenance.
Speaking on the development, PVcase Founder and CEO David Trainavicius said, “Securing one of the biggest cleantech funding rounds after achieving 4x ARR growth over the past year. last year further validates the innovation that PVcase brings to the entire value chain. We are proud to lead the way as companies seek engineering solutions to help streamline end-to-end PV design processes.
Aims to accelerate the global transition to clean energy
Renewable energies are expected to overtake coal and gas by the end of 2024, according to PVcase, with solar power being the main driver of this transition. Although it evolves faster than wind and hydropower due to lower development costs, solar PV technology innovation along the value chain is needed to meet growing demand.
Despite the resources already invested in the solar market, the solar engineering industry is struggling to keep pace and lacks digitalization. This is where PVcase seeks to make a difference.
By connecting the entire solar planning workflow, the company says its solutions enable organizations to make data-driven decisions when optimizing designs and assessing the viability of commercial power plants and in large scale.
Founded in 2018 by David Trainavicius, PVcase, which stands for PhotoVoltaic Computer Aided Solar Engineering, helps companies design, estimate and optimize commercial and large-scale solar assets. It also claims to enable its customers to deliver projects faster than their competitors by transforming complex engineering processes with a simple and intuitive interface.
The company offers two products:
- PVcase Ground Mount: AutoCAD-based solar design software for large-scale solar power plants. It enables solar engineers to reduce project costs, increase reliability and improve performance of solar power plants
- PVcase Yield: Cloud-based energy modeling software for solar photovoltaic systems. It helps solar engineers and developers estimate the performance of photovoltaic power plants and assess their economic potential.
To date, PVcase has provided services to customers in more than 50 countries in Europe, North and South America, Asia and Australia. Some of their clients include BayWa re, Borrego, Statkraft, and Atwell Group.
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