DualSun raises €10M to expand internationally and continue developing its range of products for the energy transition

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.

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, and 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.

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.