Solar energy company Volta Solar, which specializes in developing, constructing, and operating solar energy systems on the roofs of private homes, commercial buildings, and public buildings, has raised NIS 40 million ($12.49 million) funding round led by More Investment House, one of the most prominent financial institutions in the Israeli capital markets, the company announced Tuesday.
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This is Volta Solar's first significant round of financing.
The current capital raise comes on the heels of additional Company collaborations during the past year. In 2021, Volta Solar and EV-Edge, a part of George Horesh's Union Motors Group, signed an agreement according to which they will offer leasing of solar energy systems.
Over the past few years, Volta Solar has installed thousands of residential solar energy systems, and its market share is currently estimated at 35% of the Israeli solar rooftops for private homes sector. Presently, the company has expanded its operations to residential buildings as well, in light of the consequential regulatory change that reduces the need for 100% agreement amongst a building's occupants, to a majority of 67%. In addition, Volta has also penetrated the Israeli solar rooftops for commercial, industrial, and municipal buildings sector.
Eran Tal, CEO and founder of Volta Solar, said, "Volta Solar is proud to be at the vanguard of the State of Israel's efforts to revolutionize its energy sector and reach 100% clean energy. This transaction represents a significant achievement and our partnership with More Investment House will strengthen our capabilities and capacity to fulfil the company's vision to accelerate the transition to solar energy, in Israel and in other markets where we are now securing a foothold. We are grateful to More, Eyal Waldman and the additional investors for the trust they have placed in Volta Solar, and we will continue to work hard to achieve our goals."
