Solar energy is experiencing a surge in popularity in Europe following Russia’s invasion of Ukraine in 2022. As electricity prices rise, the cost of installing solar panels on rooftops has decreased, thanks to new subsidies, advancements in technology, and the efforts of European startups. One such startup making waves in Southern Europe is Samara, a Spanish company that recently raised €9 million ($9.8 million) in a Series A funding round, just two years after its inception.
Samara has focused on optimizing the installation process, allowing potential customers to enter basic information on their website to receive a preliminary quote and an estimate of potential savings with solar installation. This is a significant starting point, as customers can save up to 70% on their electricity consumption from the grid, particularly in a country like Spain with ample hours of sunshine.
The company then follows up with customers to gather more information and create a personalized installation proposal using its proprietary offer builder. If the customer decides to move forward, Samara takes care of permitting, procurement, and project management. They have their own teams of project managers and electrical engineers to ensure a seamless process.
To carry out the actual installation of solar panels and inverters, Samara has adopted a hybrid strategy, utilizing both an in-house installation team and third-party partners. This approach offers two advantages: first, the internal installation team improves the overall product by providing feedback and enhancing the customer journey. Second, building a marketplace of installers significantly expands Samara’s reach, enabling them to operate in 75% of the Spanish territory.
This marketplace also gives Samara a competitive advantage as it sets them apart from the 1,000 small companies operating in the solar installation space. These smaller players cannot offer an end-to-end service, while Samara can leverage its own client base to boost revenue.
In addition to solar installations, Samara also offers batteries for homes and electric vehicle (EV) chargers. Adding a battery to the solar panel system further reduces electricity bills, while an EV charger aligns with the goal of minimizing electricity consumption. However, Samara sees room for growth in these areas, with only a 20% attachment rate of these products to their solar projects. They believe there is a significant opportunity to develop batteries and EV chargers in Spain, which lags behind countries like Germany, the UK, and Italy in their adoption.
While Samara has seen success with over 1,700 households contacting them for solar projects, there is still enormous untapped potential in the Spanish market, with approximately six million households in total. Similar startups in Germany and France have also attracted significant funding, indicating the growing investor interest in the energy renovation sector.
Samara’s Series A funding round was led by Green Generation Fund and Move Energy, with participation from Ring Capital, Athletico Ventures, Seaya, and Pelion Green Future. Since 2022, the startup has raised a total of €15.5 million ($16.9 million). With this funding and its innovative approach to streamlining solar installations, Samara is well-positioned to continue driving the energy transition in European households and expanding its reach in the Spanish market.
