SOLYTIC secures € 3 million late-seed financing from Vattenfall

3/5/18, 9:35 AM -

AI-powered Solar-PV analytics to vastly improve efficiency of solar installationsBerlin, Germany - SOLYTIC, a provider of independent monitoring and analytics software for solar-PV asset professionals has successfully completed a € 3 million late-seed round to accelerate product development and market adoption.

SOLYTIC is the result of an entrepreneurial co-creation between FACTOR10, a digital company builder for corporates and European energy utility company Vattenfall. SOLYTIC improves underperforming PV-assets and cuts their operational expenses for its customers by providing smart incident detection and sophisticated analytics tools.


Johannes Burgard, managing director SOLYTIC: “In less than 12 months we built a monitoring platform that already can compete with the best in the market. We are very excited with the investment of Vattenfall because it allows SOLYTIC to bring solar analytics to the market. We want to allow our customers to benefit from the digitalization of the solar market by providing best-in-class solutions added with unbiased assessments and independent benchmarks."


Bloomberg New Energy Finance forecast that installed solar capacity will increase 14-fold world-wide by 2040*. The solar market is ever-growing and rapidly maturing, much like the wind sector has before. Solar assets will continue to be built fast, leading to design and performance risks. The maturing solar market will lead to a growing demand for professional solutions to tackle its growing pains: tools to improve asset returns and optimize the underperforming part of PV portfolios. SOLYTIC own market research estimates that around 25% of all solar-PV installations are underperforming.

Claus Wattendrup, Head of Solar and Batteries at Vattenfall: “The new energy landscape becomes more and more digital and we as a leading utility want to drive this change. Next to developing and building solar and battery assets, we focus on promising data- and service-driven solutions that will be key in the future. Therefore, we are excited to support SOLYTIC in the next years.”


SOLYTIC aims to bring the solar market into the next age. Advanced monitoring and data interpretation capabilities will improve solar asset returns and cut operational expenses. SOLYTIC accelerates the digitalization of the solar sector and by providing the benefits of the digital age.

●      SOLYTIC monitoring software uses O&M-friendly navigation features to quickly pin-point issues and uses smart alerts to allow an operator to process more assets in an efficient way.

●      SOLYTIC analytics utilizes IoT, Machine Learning & AI to aggregate & interpret vast amounts of data, improving normalized data quality with integrated weather data, accurate radiation models and topological details of the asset.

Felix Staeritz, founding partner of FACTOR10:

“SOLYTIC solves a real need of a manufacturer independent solar analytics platform. For the first time, owners and operators of solar installations can get a true picture of the performance of their solar asset and optimize accordingly. We are excited to support SOLYTIC on their journey towards becoming the global leading solar analytics platform in this space.”


Your contact person for further information:
Alwin Nagel, Co-Founder SOLYTIC GmbH


About FACTOR10

FACTOR10 is a company-builder with offices in Berlin, Cologne and London. It was established by serial tech-entrepreneurs to specialize in building and scaling new digital businesses together with established companies countering digital disruption. The FACTOR10 Entrepreneurial Co-Creation model has been selected by the 2018 World Economic Forum as the leading model for established companies to co-create strategically relevant digital business with entrepreneurs. The FACTOR10 team consists of 60 employees all of them experienced tech-entrepreneurs or skilled engineers with diverse specializations such as artificial intelligence, hardware or IoT. In the last years, FACTOR10 has partnered with established companies of more than € 200 mn in revenues, located all over Europe and operating in diverse industries.


About Vattenfall

Vattenfall is one of Europe's major retailers of electricity and heat and one of the largest producers of electricity and heat. Vattenfall's main markets are Germany, Denmark, Finland, the Netherlands, the UK and Sweden. The Group has approximately 20,000 employees. The Parent Company, Vattenfall AB, is 100% owned by the Swedish state. Vattenfall´s goal is to be fossil-free within one generation.


* BNEF New Energy Outlook 2017