Investment in European solar startups has skyrocketed, with new research showing a whopping 398% increase compared to last year. This year, solar startups raked in a total backing of $6 billion within the first five months, a significant jump from last year’s $1.2 billion.
Avnet Abacus, an electronics distributor, conducted the analysis, which compiled data from companies listed in the solar energy category. The average funding round for European solar startups in 2023 is currently at a record high of $166 million.
While Europe experienced a significant boost in investment, the United States saw a decrease of 7% in funding for the sector.
Globally, investment in the solar industry has risen by 47%, a clear indication of the growing importance of sustainable energy.
The trend towards renewable energy sources has been on the rise for some time now, with governments around the world introducing measures to encourage the transition. The shift to solar energy is reflected in the surge in investment in the sector, a promising sign for the world’s efforts to combat climate change.
As the solar energy industry continues to grow, innovative startups are driving advancements, offering new solutions to meet the growing demand for sustainable energy. With record-breaking funding rounds, European solar startups are poised to lead the way, paving the path towards a healthier planet.
