In the previous year, wind and solar energy surpassed fossil fuels, contributing to 30% of the electricity supply in the EU. Against this backdrop, innovative startups in the solar sector have been leveraging a transformative shift in energy production. In 2022, we highlighted a small B2C startup in Europe focused on bringing solar solutions to residential homes through its uniquely designed “vertical solar panels,” intended for stylish balconies in Europe. Despite this ambitious plan facing challenges, WeDoSolar is now shifting its focus to a B2B model following a minority stake acquisition by Chinese solar leader Genbyte Tech. Details of the transaction remain confidential.
Genbyte, a publicly traded company with factories in China and annual revenues exceeding $1.4 billion, has formed a strategic alliance with WeDoSolar as it embarks on this new phase. Previously, the startup had the backing of New York’s VentureOut and Germany’s Leanox Impact Capital during its early stages.
Genbyte Tech specializes in manufacturing microinverters, energy storage systems, and smart grid technologies. It will now extend its infrastructure and technical support to WeDoSolar, facilitating its operational expansion and entry into new markets.
WeDoSolar was launched in 2021 by Karolina Attspodina (shown above), a serial entrepreneur originally from Ukraine, and Qian Qin, a seasoned hardware engineer and entrepreneur, formerly the managing director at BSH Digital Ventures GmbH.
The startup had previously offered compact solar solutions aimed at homeowners, designed for easy self-installation in a plug-and-play format.
“Transitioning to a B2B model is a natural progression for our company, especially as we noticed less expensive and less safe products flooding the market, making it hard for customers to recognize and appreciate the quality differences,” Attspodina, CEO and co-founder of WeDoSolar, told TechCrunch. Although she is stepping down from her leadership role, she intends to stay engaged with the company as a shareholder and board member.
Qin will take over as CEO of WeDoSolar. Leveraging Genbyte’s strengths, WeDoSolar will now provide tailored solar solutions to resellers, property developers, and commercial enterprises.
“We required a strong partner for this B2B transition, and this partnership presented the optimal solution. As founders, we will maintain a majority stake, and a new team will be developed under Qin’s leadership,” added Attspodina.
Looking ahead, she shared with TechCrunch, “I am exploring opportunities in the Dual-Use / Defense sector soon. In the meantime, I’m focused on supporting fellow entrepreneurs with fundraising and other initiatives.”
Compiled by Techarena.au.
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