Press release: Major investment in Svea Solar to scale up solar energy in Europe
The solar energy market is growing faster than ever. Svea Solar, the largest solar solution provider in Sweden and third biggest in Europe, has secured a major investment to accelerate growth. This year alone the goal is to double both revenue and the number of employees. The main investor is the investment firm Altor with an investment focusing on Svea Solar’s core business, rooftop installations and energy optimization solutions.
Svea Solar has seen rapid growth since the start in 2014. Last year, the company reached its target of €100 million in revenue, and the plan is to double that amount in 2022. Currently Svea Solar has more than 700 employees across five markets and plans to have an additional 5 000 employees by 2025. To ensure rapid growth and expansion in Europe, the company now welcomes the investment firm Altor as a new investor, with a substantial contribution.
– It is more important than ever to quickly scale up Europe's access to clean energy, not only for the sake of the climate, but also to ensure that Europe becomes self-sufficient on energy. This enormous contribution from an experienced and engaged investor like Altor will enable us to further contribute to a more sustainable, resilient, and independent energy system. For us it was vital that Altor shared our vision of a future without fossil fuels, where we help people to become self-sufficient on clean energy as quickly as possible. We really look forward to start working closely with a world class investor like Altor, says Svea Solar's CEO and co-founder Erik Martinson.
The investment from Altor will help realize Svea Solar’s goals of becoming the European market leader in the solar residential space and to cover 80 percent of Europe by 2026. Altor has extensive experience from climate transformation sectors and internationalization of fast-growing companies.
– The investment builds on Altor’s investment track-record in green transition businesses and is a testament to our strong conviction in solar as a critical component for European energy supply and balance. Svea Solar has quickly become the leading residential solar company in Sweden, with established positions in Spain, Germany, Belgium and the Netherlands.Svea Solar’s innovative team has built a remarkable brand position and we are certain they will continue to play a key role in driving the green energy transition in Europe in the years to come. We look forward to partnering with the Svea team and shareholders to deliver on that ambition, says Herman Korsgaard, Director at Altor.
About Svea Solar
Svea Solar is one of Europe’s fastest growing cleantech companies and the #1 solar solution provider in Sweden. Starting in 2014 Svea Solar now has operations in five markets in Europe with over 700 employees. Svea Solar offers a powerful solution for sustainable living with solar panel systems, batteries, electric car chargers, fossil-free electricity contracts, and a platform enabling customers to produce, consume and sell their power. In addition, Svea Solar develops large-scale energy production. Svea Solar aims for a world where everyone can be self-sufficient on clean energy. Svea Solar has operations in Sweden, Germany, Spain, Belgium and the Netherlands.
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2 and H2 Green Steel. For more information visit www.altor.com