Sunhero raises 3 million in BBVA Spark debt to drive household electrification
Solar energy startup Sunhero has raised 3 million euros in a debt round from BBVA Spark. The objective of this financing will be to consolidate the growth of the photovoltaic company in the Spanish market, which is closing a record summer of solar installations in Spanish homes.
Sunhero, founded in Berlin and headquartered in Barcelona, already closed a capital round last March in which it raised 10 million euros, destined to enhance software development and expand its product line. The operation was led by the German firms Planet A and Vorwerk Ventures, and also included the participation of Redstone and the investors who initially supported the company, Speedinvest and All Iron Ventures.
The funding round with BBVA Spark represents a significant endorsement of Sunhero’s project and its medium to long-term business projections, especially in a context where financing is beginning to tighten in the markets. Additionally, this financing benefits from the support of the European Union and the European Investment Fund under the InvestEU Fund program.
The solar energy sector is growing in Spain
Currently, Spain leads in residential solar energy growth among the major economies of the European Union. However, the adoption of photovoltaic solar energy in Spanish households has historically lagged other EU markets, presenting significant growth opportunities.
“We believe that Sunhero is demonstrating strong growth, already consolidating a new product offering to drive photovoltaic installations in homes,” says Verónica Ruiz, head of BBVA Spark in Spain.
“We continue to progress towards becoming the leader in residential photovoltaic energy in Southern Europe. Spain is undoubtedly one of the most promising markets, and BBVA Spark’s support for Sunhero’s project will be crucial in promoting clean and independent energy among Spanish households,” affirms Christopher Cederskog, CEO and co-founder of Sunhero.
