The big picture
- Now more than ever, renewable energy sources are an essential pillar of a net-zero future and energy independence
- Homeowners want help to change from traditional power sources to renewables
- The market is highly fragmented, providing an opportunity for new entrants.
The challenge at hand
A European utility wanted to establish photovoltaic power generation as a service. The basic idea was to create a one-stop solution for photovoltaic installations. Currently, homeowners order panels through a website, and pay a monthly rental fee to a provider who helps install the panels through local partners.
The plan to streamline the process included creating a user-friendly web portal, sourcing the right hardware, securing sufficient capacity to install the panels at scale in a short time span of time, and. finally, putting together a team with the right expertise to drive the new business.
Results achieved
To ensure speed and agility, the utility created the new business as a corporate start-up with a high degree of dependency. It was launched after only 90 days. Within six months of its launch, the company received more than 3,000 requests, and hundreds of customers ordered installations on the spot. A highly capable team has been recruited from other start-ups and top technology companies. We supported the company on multiple fronts:
- Planning the new venture and building the business case
- Securing financing, including equity and debt
- Launching and scaling of the start-up, including the web portal, marketing campaigns, technology backbone, and operational processes
- Supporting hiring and onboarding the new team
With our support, the parent company has managed to create a new start-up from the ground up—following best-practice standards from the venture capital world—which addresses the principal customer pain points and has shown strong early indicators for scalability. Based on contracts signed with customers during the company’s first six months of operation, a reduction of approximately 5,000 tons of carbon dioxide emissions is expected.
