Sunday Power raises 12 million NOK

Two former Schibsted executives, Ole Jacob Sunde (chairman of the media group for over 20 years, now chairman of the Guardian-owned Scott Trust and entrepreneur and major shareholder of Fortune) and Rolv Erik Ryssdal (outgoing CEO of Adevinta and former CEO of Schibsted), are among the new investors in the company.

“We are very pleased with our new investors and contributors, and with Ole Jacob and Rolv Erik we also have two of the largest capacities in Norwegian business on the team. Because the capital market is in a demanding phase now, we chose to raise more than initially planned, and are well positioned for the next step we will take on the road to becoming a leading player for solar cells on commercial buildings in Europe,” says CEO Jonas Ibsen Brynildsrud.

Sunde and Ryssdal will be joined by a group of private investors with expertise and networks, who will contribute to the company's development. In addition, the existing group of shareholders and employees have subscribed to the issue. Sunday Power has also received a start-up loan from Innovation Norway of 1.5 million, which is included in the capital raising of 12 million.

“The concept of Sunday Power is to use empty roofs to develop more renewable power, by financing and operating solar photovoltaic systems at no cost to the property. With our proprietary technology, we can make this a positive calculation for both owner and tenant in the building, as well as making it more efficient and smart to produce, operate and sell solar power on flat commercial roofs.

“The high electricity prices contribute positively to the business case, but also to our customers because we share the income from electricity sales with the property. With a Sunday Power solar system, for example, a building of 2,000 square meters can earn several hundred thousand a year in today's electricity market, without having to invest anything. That value proposition is unique in the marketplace, and it's our technology that allows us to offer this.

Brynildsrud says that the team has gone from 2 to 6 over the summer to meet the formidable demand, that they have installed three new plants in the last few weeks and in total are operating or in the process of commissioning 10 plants. The client list includes Bulk Industrial Real Estate, Eiendomsspar, Ticon, Medvind Eiendom, Brække Eiendom and GG Gruppen.

Now the focus is growth. It will be a busy autumn and winter with full throttle in all areas — scaling sales, developing software, installing facilities and strengthening the team.

Also read: Norwegian solar start-up Sunday Power raises NOK 100m