Solarstone Company Research Report

Company Overview

Name: Solarstone

Mission: Solarstone aims to promote sustainable living and resource-efficient construction practices by transforming buildings into energy-producing powerhouses through the integration of solar technology.

Foundation: The company was founded in 2015 by a group of friends facing technical challenges in real estate projects. The founders include Silver Aednik, Mattis Jürimäe, and Mait Kukk.

Key People:

• Romet Roosalu, Chief Executive Officer

• Andres Zoober, Chief Financial Officer

• Toomas Kresla, Chief Manufacturing Officer

• Board of Supervisors includes Rasmus Udde (Chairman), Andreas Laane, and Mattis Jürimäe

Headquarters: Viljandi, Estonia

Number of Employees: By early 2024, Solarstone had grown to 50 employees.

Revenue: No specific revenue figures available except that there was a 33% revenue growth in 2023 compared to the previous year.

Reputation: Solarstone is known for its innovative building-integrated photovoltaics (BIPV) solutions, which seamlessly integrate solar technology with traditional roofing materials, while also being aesthetically pleasing.

Products

1. Solar Full Roof™

• Description: A two-in-one integrated solar roof that combines advanced solar technology with architectural style, serving as both a roofing material and a solar energy generator.

• Key Features:

• Acts as actual roofing material without the need for a separate layer.

• Offers effortless installation within 2 days.

• Provides a power output warranty of 25 years and a product warranty of 10 years.

• Designed to be weatherproof and compliant with safety standards.

2. Solar Tiled Roof™

• Description: A solar energy production system that maintains a home’s visual appearance by integrating solar technology with traditional roof tiles.

• Key Features:

• Requires no additional roofing layer as the tiles themselves generate energy.

• Offers significant savings on energy costs.

• Has a 25-year power output warranty.

3. Solar Carport

• Residential and Commercial Options:

• Description: Provides vehicle protection while generating clean energy, suitable for residential and commercial settings.

• Key Features:

• Acts as a power station for homes and electric vehicles.

• Built to withstand harsh weather conditions.

• Comes with a product warranty of 10 years and a power output warranty of 25 years.

Recent Developments

Recent Projects and Partnerships:

• Solarstone opened Europe's largest factory for BIPV production in 2023 in Viljandi, Estonia, capable of assembling 13,000 integrated solar panels per month.

• Solarstone secured a major deal in Norway, providing solar roofs for five nursing homes with a total investment of over €1.7 million.

• Partnership with the Solaride project since 2020, focusing on developing solar-powered cars.

New Product Launches and Enhancements:

• Launch of the Solar Carport in the Nordics, designed to work with severe weather conditions.

Corporate Changes:

• Biofuel OÜ acquired a majority ownership in Solarstone, stepping in as a strategic investor.

• The year 2023 marked the installation of Solarstone’s 1000th solar roof and a closure of a successful Series A financing round.

Technology and Infrastructure:

• Solarstone's Click-on™ technology provides a modular solution for integrating solar panels with roofing material.

Industry Recognition:

• The company’s products and technologies have received awards and recognition for innovation in the BIPV segment.

By integrating solar technology directly into the building structure, Solarstone provides a modern solution that caters to both renewable energy needs and aesthetic desires, appealing to both homeowners and businesses seeking sustainable options.