Press release: Biofuel OÜ to acquire majority ownership in Solarstone

08.03.2024 - Estonian solar roof startup Solarstone OÜ founders Silver Aednik, Mattis Jürimäe and Mait Kukk will step down from active management and sell their shares to the asset management company Biofuel OÜ.

Sunly Innovation OÜ invested in the startup in 2019, and Biofuel OÜ followed in 2022. After the transaction, Raul Kirjanen’s asset management company, Biofuel OÜ, will become the majority shareholder.

Romet Roosalu will continue as the CEO and a board member, with Andreas Laane, Rasmus Udde continuing on the board, and Mattis Jürimäe joining. In the near future, Solarstone will bring on new team members with international experience to its management and team.

Solarstone's mission is to be a pioneer in building-integrated photovoltaic (BIPV) solar roofing solutions. Established in 2015, the company has developed several innovative products, installed over a thousand solar roofs, and opened Europe's largest manufacturing facility for building-integrated photovoltaic panels in Estonia.

With the capitalization from the new owners, expansion into export markets will continue, along with further automation and digitalization of production. Sales, marketing, and service will be developed. Additionally, investments will be made in information technology, enabling more efficient design and planning of building-integrated solar roofs, including the monitoring and management of private sector solar power stations.

In 2023, Solarstone focused on streamlining processes, including product and production development. The goal for the coming years is to grow an annual turnover of tens of millions, achieve operational profitability, and become a leader in the market segment.

Biofuel OÜ focuses on environmentally friendly wood refining and sustainable forestry, emphasizing sustainable energy management and production.

"Solarstone is one of the world's leading companies in its field, offering customers the opportunity to be directly involved in reducing their carbon footprint on a daily basis. This is done in a way that not only benefits the customer themselves but also the whole world. The founders of Solarstone have created an impressive company and a remarkable product in the form of a solar roof, and now is the time to grow beyond the borders of Estonia. This requires new, significant investments in market expansion, and Biofuel wishes to support this growth. We thank Silver, Mait, and Mattis for introducing Solarstone to us."

- Andreas Laane, Biofuel OÜ

Sunly Innovation OÜ invests in startup companies engaged in electrification.

"When we invested in Solarstone in 2019, we saw great potential in their technology. Today, we have validated that opinion. We believe that every roof has the potential to be more than just a regular “hat” on a building. This “hat” can be attractive, productive, and a climate-friendly asset. Exciting years are ahead, where we will see significant growth together!"

- Rasmus Udde, Sunly Innovation

The founders' idea was to create durable and smart roofing systems that would also alleviate dependence on the grid. At that time, solar panel technology was becoming increasingly accessible, but it had not found widespread use on residential roofs. The goal was set to create a versatile solar panel that would replace existing roofing material with a solar energy-producing solution while also fitting in with the building's architecture.

"As founders, we have put our whole heart into Solarstone, but after thorough consideration, we collectively made the decision to sell our stakes to the existing investor. This will propel the company forward more quickly, aiding in growth in export markets while simultaneously developing top-tier products and increasing competitiveness. We depart happily, knowing the company is in good hands."

- Silver Aednik

The transaction was announced on March 8, 2024, and will be finalized during the second quarter, after receiving approval from the Estonian Competition Authority.
 

MAIKO KIIS
Head of Marketing
maiko@solarstone.com