German rooftop solar rental company DZ4 has secured EUR 55 million (USD 60.58m) in financing to scale its business across the country and add new products to its offering.
The package includes EUR 15 million in equity and an additional working capital line of EUR 40 million, DZ4 said on Thursday.
The fresh capital will support the company’s development as a nationwide provider of solar systems, the expansion of the product portfolio, and the entry into new areas and regions.
The Hamburg-based company has been providing installation and operation services for residential solar systems for about a decade, using a lease business model. This enables customers to rent a solar system with a battery for a monthly fee and be supplied with clean power at a fixed price for 25 years, avoiding the purchase of the installation. DZ4 takes over the planning and maintenance of the solar systems.
DZ4’s sole owner is German electric utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) which took full control of the business at the end of 2022.
(EUR 1 = USD 1.101)