French solar power leader NewHeat has attracted €7 million for renewable energy R&D and commercial deployment. The funds will enable NewHeat to remain majority shareholders while helping launch their first venture outside France, a recently signed project in Croatia.
Original shareholders Noria and Etchart Group were among the financers. French public investment bank Bpifrance also contributed through its FIEE fund dedicated to energy and environment. Bpifrance is now a new shareholder in NewHeat.
Samia Ben Jemaa, Investment Director at Bpifrance, said that the investment in NewHeat “matches perfectly the investment policy of the climate bank Bpifrance and the FIEE fund. Decarbonizing industry is indeed a strategic priority for us at the heart of today and tomorrow‘s climate challenges.”
Founded in 2015, NewHeat now employs 22 staff. It develops, constructs, and operates solar plants for clients in return for a 15-25 purchasing commitment. As well as producing solar energy, the company recovers heat lost in the energy generation process as well as provides solutions for long and short-term energy storage. It has been twice awarded the Concours d’Innovation, a prize for innovations deemed to have potential to strengthen the French economy.
NewHeat obtained its first financing of €1.7 million in 2017. NewHeat used this to fund its first solar thermal power plants and pursue commercial deployment. The company now has four solar heat plants in operation within France. Two others will be constructed in the coming months. Taken together, Newheat’s panels cover a total area of 1000 m2 with a capacity of 40 megawatts.