Econostrum | Economic News in the Mediterranean

The manufacturer of solar panels DualSun raises 10 M€ to expand internationally

Written by Frédéric Dubessy on Thursday, September 1st 2022 à 09:15 | Read 529 times

The hybrid panels allow to obtain hot water and electricity at the same time (photo: DualSun)
The hybrid panels allow to obtain hot water and electricity at the same time (photo: DualSun)
FRANCE. On Wednesday, August 31, 2022, solar panel manufacturer DualSun announced a new €10 million round of financing. It is made with its historical investors, including Noria, as well as TiLT Capital Partners. This management company of the Siparex group, which specializes in private equity in the energy transition sector, is making its first intervention in France. "This transaction perfectly illustrates the investment thesis of TiLT Capital Fund 1, which aims to finance companies deploying proven and profitable solutions for the decarbonization of our energy system," comments Nicolas Lepareur, co-founding partner of Tilt Capital Partners.

"At the same time as this capital increase, some of the historical investors are selling their shares to the founders, Jérôme Mouterde and Laetitia Brottier, to TiLT and to Noria, allowing the company's capital to be reorganized and bringing the total amount of the operation to €16 million," says a company press release. "After demonstrating the viability of DualSun's business model over the past two years, these new resources will enable us to more rapidly increase our impact on the necessary energy transition. We were particularly impressed by the sector expertise of TiLT's teams and the importance given to the ESG impact of their portfolio companies. We look forward to writing these new pages with them," emphasizes Jérôme Mouterde, co-founding partner of DualSun.

"Developing teams locally"

Founded in 2010 in Marseille, the company carried out its first installations in 2011 and began mass production in 2019.
It is developing, at its industrial site in Jujurieux (Ain), a multi-energy solar panel (Spring) that can simultaneously produce solar hot water and photovoltaic electricity on the same surface, as well as a Flash model (high-efficiency photovoltaics). DualSun is aimed at building owners to enable them to reduce their consumption of fossil fuels.

This new money will finance R&D (a new hybrid panel coupled with a heat pump will be released in 2023), the development of its MyDualSun service platform and will ensure its international expansion. DualSun already sells mainly in Europe (Portugal, Netherlands, Belgium, Germany, Switzerland, Sweden, Norway, Finland), but also in Israel, Australia, Canada and is starting up in the United States. 20% of its production will be exported in 2021. The company wants to take a new step. "This fundraising will allow us to deploy teams locally in at least three of these countries, which are still being chosen," reveals the company's communication to

The company had carried out a previous operation in May 2018 for an amount of €2.4 million with the participation of Paca Investissement (€500K) and its historical investors (Provence Business Angels, CAAP Création and the investment companies specialized in cleantech Noria (Lille) and Opalic (Versailles). It followed two other fundraisings of 0.5 M€ (2012) and 1.3 M€ (2014).

DualSun (50 employees) achieved a turnover of €17 million in 2002 and plans to exceed €36 million in 2022. The turnover has been multiplied by seven between 2020 and 2022. The ambition is "to become one of the leading manufacturers of European solar energy", according to a company press release.

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