Solar cell startup receives NOK 9.4 million from energy giants

Solar cell startup receives NOK 9.4 million from energy giants

Capital increase

Norwegian startup Over Easy Solar has received new capital.

From waste sorting to solar cells: that’s why investors allow themselves to admire Norwegian cleantech entrepreneurs

Solar startup Over Easy Solar has raised NOK 9.4 million in a new capital raising round, the company reported in a press release on Wednesday.

It was existing investors – consisting of Norwegian energy giants Hafslund, Idziva and Stratel, as well as a number of angel investors and the Danish energy company Ora – who provided the majority of the capital.

In addition, the Catapult Climate Fund has joined the ownership side.

The capital raise also includes $2 million in grants from Innovation Norway in a new startup scheme.

Over Easy Solar was launched in 2021 by Trygve Mongstad. The company produces solar cell systems that adapt to green and flat roofs.

– Over the past two years, we have developed a new product that breaks with accepted facts in the solar cell industry, says Mongstad.

According to the press release, the company has so far sold products worth about nine million Norwegian kroner, after commencing commercial sales this year.

Last year, the company raised $13.5 million from many of the same investors.

New EU requirements

Mongstad also previously spoke about collaborating with the municipality of Oslo on a project at the Lorraine School. It was estimated at the time that the solar cells installed there produced about 40,000 kilowatts (kWh) annually.

“We see that many of our customers come back and buy multiple times, and we have reached niche markets that are not well solved with standard solar panels,” says Mongstad.

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Founders of solar cells: (Formerly) Trygve Mongstad, Tommy Engvik and Gunnar Havnas.

Among other things, it refers to the decision taken by the European Commission last December that solar cell systems should be introduced as a condition in all new commercial and public buildings from 2026.

– This is great news for the green transition in Europe, and there will be a need for new solar cell solutions and products adapted to different types of buildings, explains Mongstad and adds:

The climate crisis will not wait. We must find solutions that accelerate the green transition as quickly as possible.

Mongstad believes that the combination of solar cell systems and green roofs, which are increasingly being invested in in major cities, means the product has been a success.

According to the press release, the support provided by Norwegian Innovation will go towards accessing the international market.

-We have many stakeholders internationally, and we made our first commercial sales in Norway, Denmark, Germany and Switzerland, says co-founder and commercial director Tommy Engvik.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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