RatedPower, the technology company that develops software to maximize the potential of solar photovoltaic plants and reduce the cost of solar energy, today announced the closing of a financing round of 5 million euros led by Seaya Ventures, the European venture capital fund leading investor in unicorns such as Glovo, Wallbox or Cabify, with the participation of US investors.
This investment will be destined to drive the company’s international growth in key solar markets with a special focus on the United States; accelerate the development of new products and functionalities, and fulfill its mission to become the software and technology ecosystem for renewables. All this with the aim of increasing the competitiveness of solar energy and improving the experience of its customers.
Since 2015, the accumulated solar capacity has shown continuous growth, being the fastest growing source of energy in the last decade. By 2024, it is expected to reach more than 1.4 terawatts, with 40% coming from large-scale solar energy. (> 1 MW). Maximizing energy efficiency is the only effective way to fight climate change and to achieve the objectives set in the Paris Agreement.
However, in order to obtain an estimate of costs and energy produced, the necessary design and engineering is still a complex and repetitive process. RatedPower was founded in 2017 by Andrea Barber, Miguel Ángel Torrero and Juan Romero after having experienced these inefficiencies firsthand. They identified the need for a tool that would transform the design and configuration of solar plants into a more automatic, agile and efficient process. Hence the idea to make the implementation of solar energy more efficient and cheaper.
“We are delighted to invest in RatedPower, whose products and technology are accelerating change to make solar the leading and most competitive source of energy on the market,” said Carlos Fisch, Principal at Seaya. “This investment reinforces our commitment to sustainable technology companies whose founding team shares our values seeking both purpose and profitability, while there is a clear and measurable positive impact,” adds Beatriz González, founder and managing partner of Seaya.
“In the last four years, we have developed software that streamlines the design and construction process of solar plants in almost every country on the planet,” says Andrea Barber, co-founder and CEO of RatedPower. “It is a very important milestone on our journey – both for the company and for our clients. – which will allow us to continue developing our platform, reach new markets, and help us realize our vision of making solar energy the main source of energy on the planet, accelerating the energy transition. “