Zendure, a prominent UK-based home energy solutions technology company, has successfully concluded its Series A++ funding round
Zendure, a prominent UK-based home energy solutions technology company, has successfully concluded its Series A++ funding round, raising nearly CNY 100 million. Founded in 2017, Zendure has emerged as a leader in providing plug-and-play smart microgrid systems to users.
With extensive user insights and market research, the company’s founding team embarked on the path of high-end consumption technology abroad as early as 2013. Today, Zendure boasts a workforce of over 190 employees, with research and development accounting for 45% of its workforce. The most recent showcase of growth and expansion seem to forecast a strong future.
A Juggernaut Welcome in Europe
Capitalizing on their understanding of overseas policies and user requirements, the Zendure team made a breakthrough entry into the European energy storage market. The introduction of their remarkable product, SolarFlow, witnessed an astounding success.
In its first seven minutes of release, the company sold 316 units, amounting to 500,000 euros. Over the course of 30 days, the number of orders surged to over 4,100 units, equivalent to a value of 4.54 million euros. Subsequently, tens of thousands of SolarFlow units have been delivered.
The remarkable sales figures in the energy storage market can be attributed to Europe’s favorable policies, which continuously support plug-and-play grid-connected PV/energy storage systems. Europe allows for the use of grid-connected inverters (micro-inverters) up to 800W, with Germany even exempting them from 19% VAT.
This has greatly benefitted the sales and demand for German micro-inverters and balcony power stations. Despite this, Germany’s micro-inverter penetration rate stands at a mere 3% among its 30 million households, indicating significant untapped potential for growth in the market. Consequently, the balcony energy storage sector presents an opportunity for exploration and expansion.
US Market on the Horizon
Similarly, the United States has been actively updating its favorable off-grid energy storage policies. The Inflation Reduction Act (IRA) provides a 30% tax rebate subsidy for off-grid energy storage. Meanwhile the feed-in tariff (FIT) policy is set to expire, leading to a decline in photovoltaic feed-in tariffs.
These developments have diminished local consumer demand for traditional grid-connected photovoltaic systems. Consequently, it fostered a strong market for Zendure’s popular off-grid energy storage product, SuperBaseV. As of Q1 this year, SuperBaseV has garnered over 30 new distributors and contracts worth a total of USD 150 million.
Looking ahead, Zendure aims to continue enhancing and launching new products based on the plug-and-play appliance-based energy storage system concept. Their existing balcony energy storage product, SolarFlow, and the plug-and-play off-grid energy storage product, SuperBaseV, will serve as entry points to create top-of-the-line home energy storage products and an intelligent home energy management system.
The recent financing round was led by renowned institution Sinovation Ventures, with participation from existing shareholder Houxue Capital and industrial investor Zhejiang Xingyue Group. Scheme Capital served as the exclusive financial advisor for the round. Zendure’s CEO, Liu Bingbin, expressed that the raised funds would primarily be utilized for delivering SolarFlow and SuperBaseV, as well as further investments in research and development, product iteration, channel expansion, and strengthening their overseas customer service system.
