Estonian roofing startup Solarstone grabs €10 million

Using the power of the sun, an Estonian green technology company Sunstone raised €10 million in funding to develop solar solutions that can help drive change in energy generation and use. The round was led by Biofuel OÜ.

Founded by Mighty Cook, Mathis Yurimyae and Silver aednik, Solarstone aims to promote the use of solar energy from the ground up to change the way energy is generated in European households. It manufactures a solar panel that is integrated into the building roofing material (BIPV).

The new money will improve the start-up’s performance in the market for standardizing building-integrated solar solutions in residential and infrastructure construction across Europe. The company has installed 7,000 solar roofs in 8 countries to date.

CEO and co-founder Silver Aednik said: “This new funding will allow us to upgrade production and grow the teams in Estonia and other strategic markets. Solarstone will also invest in software solutions that enable construction industry stakeholders to design and deliver solar power plants more efficiently.”

Biofuel CEO Andreas Laane, added: “Solarstone differentiates itself from other solar solutions providers with smart technology that helps avoid unnecessary material and manufacturing costs when creating modern roofs. Innovative software and a proprietary hardware component provide a good push for the green revolution.”