Solar energy start-up Solarmass closes £120,000 Crowdcube pitch in record time
Exceeds funding target in less than 10 days to take “innovative” solar panels to market
Sheffield-based solar energy business Solarmass has secured £120,000 in less than 10 days through Crowdcube, one of the fastest pitches to raise funds through the equity crowdfunding platform.
Over-funding its original target by £20,000, the solar energy start-up attracted backing from 96 investors in return for an equity share of 11.96%.
Solarmass specialises in solar roof tiles, “a brand new concept” in solar panels, which are alleged to be the lightest and most efficient solar panels available for mass production to domestic and commercial properties (pictured above), with a manufacturing carbon footprint 136 times lower than existing panels.
The investment will enable the energy company to develop their solar tile offering, purchase machinery and set up a factory in its Sheffield base in order to begin production later in the year.
The news demonstrates the rising opportunities within the renewables industry and the growing demand for cleantech businesses, a trend highlighted in Startups’ feature on What business to start in 2014.
Paul Cropper, co-founder of Solarmass, commented:
“[This funding] shows that the renewable energy sector is strong and that a simple idea, like a low cost, lightweight solar panel can make people sit up and take notice. Our plan now is to take the tile into production and roll it out across the world where interest has been extremely positive.”
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Crowdcube co-founder, Luke Lang, added:
“Solarmass not only hit and overachieved on it targets but in record time. It’s a fascinating product and one that will go global as the demand for solar energy increases year on year, both domestically and in the commercial sector. The renewables market is a great opportunity and we’re delighted to support a new entrant into the market.”