Oslo's Glint Solar, which uses satellite data and software to identify and assess solar project sites for optimal development, has raised $8 million in a Series A funding round led by Smedvig Ventures, with participation from Momentum, Futurum Ventures, and Antler. The funding will enable the startup to enhance its product offerings and expand into new markets.
- Founded in 2020 by Harald Olderheim, Even Kvelland, and John Modin, Glint Solar develops a platform that uses satellite and GIS data to transform solar site selection and project design.
- The platform streamlines site identification and evaluation, reducing project delays and cutting up to 73% of wasted development hours. By combining topographical and GIS data, the software allows users to analyze thousands of sites, mark restricted zones, and assess essential factors like grid connections and road access all with just a few clicks.
- With tools for pre-design layouts and 3D visualizations, Glint Solar enables developers to triple their project pipeline, create layouts 10 times faster, and increase conversion rates by 30%.
- The startup employs a team of 15 and is trusted by notale companies like Turn Energy, Statkraft, Alight, TotalEnergies E.ON, and Recurrent Energy, across the 35+ countries.
Details of the deal
- The Series A round was led by Smedvig Ventures, a London-based venture capital firm that backs B2B tech startups with ticket sizes ranging between €4 million and €8 million in funding rounds of up to €20 million across Europe.
"This is the gap that Glint Solar is filling. As one of the first unified products for utility projects on the market, Solar Developers, Engineers, Analysts and Management can find everything they need to locate the best land spaces quickly and accurately," Explains Jonathan Lerner, Partner at Smedvig Ventures.
- The investment was also supported by Montreal-based VC Momentum, Futurum Ventures, and Antler, a venture capital firm that recently invested £840,000 in seven British pre-seed tech startups during its 11th Spring Residency.
- With this investment, Glint Solar plans to expand its product offerings, enter new markets, and support both existing and new solar developers. By 2025, the company aims to drive innovation in solar development and extend its software to include Battery Energy Storage Systems (BESS).
