Zola Electric Closes USD 90 Mn Funding Round To Scale Technology

Distributed renewable energy solutions provider Zola Electric has raised EUR 76.7 million (USD 90 Mn) in capital, which will allow the company to develop next-generation hardware and software and enter new markets. The amount raised is a combination of debt and equity, USD 45 Mn each.

The equity bit was led by TotalEnergies Ventures, the capital venture of TotalEnergies; SF-based impact VC firm DBL Partners; Helios Investment Partners; Vulcan Capital, the investment arm of Paul Allen; Lyndon and Pete Rive (founders of Tesla-owned SolarCity); and New York-based utility-focused hedge fund Electron Capital Partners. The balance of the capital raise comes in the form of debt provided by Dutch entrepreneurial development bank FMO and solar financier Sunfunder, among other Energy Access lenders.

Zola Electric offers intelligent batteries, integrated into an energy source, including solar, for installation in homes and businesses. Its customers gain data, analytics, and control of their systems through the firm’s Vision SAAS software.