California-based startup Solaris Renewables aims to revolutionize energy access with affordable solar solutions in underserved regions.
Solaris Renewables, an innovative climate tech startup based in California, has raised $220 million in Series C funding to scale its breakthrough solar technology. With backing from Green Horizon Ventures, Breakthrough Energy, and Goldman Sachs’ Sustainable Growth Fund, this funding will accelerate the deployment of Solaris’s SolarSkin technology, which promises to deliver affordable solar energy to communities across Africa and Southeast Asia. The investment is a step forward in addressing the growing global need for equitable and sustainable energy solutions.
Founded in 2018 by MIT engineers Priya Agarwal and Carlos Mendez, Solaris Renewables has developed SolarSkin, a lightweight, adaptive solar panel that outperforms traditional models in low-light conditions. According to independent studies from the Clean Energy Research Institute, SolarSkin panels are 40% cheaper to produce, offering a critical advantage in regions with limited or no access to grid power. This technology aims to bridge the energy gap for over 800 million people living without reliable electricity.
New Manufacturing Hubs to Drive Expansion
As part of its expansion plans, Solaris will establish manufacturing hubs in Kenya and Vietnam, set to begin operations on April 14, 2025. These facilities will produce 500,000 panels annually, targeting rural areas where solar energy can significantly improve living conditions. “This isn’t just about providing clean energy—it’s about empowering communities,” said Agarwal in a recent interview. The new hubs will not only supply affordable solar panels but also create local jobs, supporting economic growth in these regions.
Lena Wu, from Green Horizon Ventures, highlighted the alignment of Solaris’s mission with global renewable energy goals. “Solaris’s technology is transformative, not incremental,” Wu said, emphasizing the potential to meet the International Energy Agency’s target of tripling clean energy capacity by 2030. The company’s approach could play a key role in accelerating the adoption of renewable energy in markets that are currently underserved.
Challenges Amid Growing Competition
Despite significant momentum, Solaris faces challenges such as supply chain risks tied to the availability of rare-earth metals used in SolarSkin. The company is also up against rising competition from established players like Jinko Solar, which has recently reduced its prices by 15%, and European rivals such as SunWave, advancing with thin-film solar alternatives. However, Stanford energy economist Dr. Raj Patel sees the funding as part of a broader shift toward “hard-tech” climate solutions, noting that Solaris’s focus on affordability may push larger energy firms to accelerate their transitions.
Aiming for Long-Term Impact
Mendez acknowledged the long-term challenges ahead, including fluctuating material costs and the need for supportive government policies. “We’re building partnerships, not just selling panels,” he explained. Solaris’s community-driven model seeks to replace fossil-fuel-powered mini-grids with solar-powered alternatives, offering a more sustainable and cost-effective path to energy independence for rural communities.
With its $220 million boost, Solaris Renewables is poised to reshape the renewable energy landscape. As Agarwal aptly put it, “The sun doesn’t charge interest. It’s time to invest in its potential.”
