This year alone, both sales and the number of employees are expected to double. As a result, six locations have been opened in Germany since July 2021, with six more to follow by September. The new main investor is investment firm Altor, whose investment is focused on Svea Solar's core business of rooftop installations and energy optimization solutions.
Svea Solar has experienced rapid growth since its launch in 2014. Last year, the company reached its revenue target of €100 million. It aims to double this amount by 2022. Currently, Svea Solar employs more than 700 people in five markets and plans to employ an additional 5,000 people by 2025. To ensure rapid growth and expansion in Europe, the company has now secured investment firm Altor as its new lead investor.
Push for solar in Europe
"It is more important than ever to rapidly expand access to clean energy in Europe, both for the climate and to ensure that Europe is self-sufficient in energy. This tremendous contribution from an experienced and committed investor like Altor will allow us to further contribute to a more sustainable, resilient and independent energy system. It was important to us that Altor shares our vision of a fossil fuel-free future where we help people become self-sufficient in clean energy as quickly as possible. We are very excited to work closely with a world-class investor like Altor," says Erik Martinson, CEO and co-founder of Svea Solar.
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Altor's investment will help realize Svea Solar's goals of becoming the European leader in residential solar energy, covering approximately 80 percent of Europe by 2026. Altor has extensive experience in climate change and internationalization of fast-growing companies.
Investment in green businesses
"The investment builds on Altor's investment track record in green businesses and is a testament to our strong belief that solar energy is a critical component of Europe's energy supply and balance. Svea Solar has quickly become the leading residential solar company in Sweden and also has a presence in Spain, Germany, the Netherlands and Belgium.
Svea Solar's innovative, dynamic team has built a remarkable brand position, and we are confident that it will continue to play a key role in Europe's energy transition in the years to come. We look forward to working with the Svea team and shareholders to achieve this goal," says Herman Korsgaard, Director at Altor. (hcn)
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