Volta Solar announces NIS 40 million funding round

The investment marks the Israeli solar energy company's first significant round of funding and comes as Israel aims to source 30% of its energy from renewable sources by 2030.

 Volta Solar installing a solar system on the roof of a shared house (photo credit: VOLTA SOLAR)
Volta Solar installing a solar system on the roof of a shared house
(photo credit: VOLTA SOLAR)

Israeli solar energy company Volta Solar announced on Tuesday a NIS 40 million funding round led by Israeli capital market financial institution More Investment House. 

According to the announcement, More, which invested NIS 30 million, is set to receive 20% of shares of the company, which specializes in developing, constructing, and operating solar energy systems on the roofs of private homes, commercial buildings, and public buildings, The remaining NIS 10 million is from additional investors including Eyal Waldman, co-founder and former CEO of Israeli chipmaker Mellanox, and a group of executives from NVIDIA (formerly Mellanox).

The investment marks Volta's first significant round of funding. CEO and founder Eran Tal expressed enthusiasm over the milestone. 

 Eran Tal, CEO and founder of Volta Solar. (credit: VOLTA SOLAR) Eran Tal, CEO and founder of Volta Solar. (credit: VOLTA SOLAR)

"Bathed in Sunny Israel offers tremendous potential for solar roof generated electricity," Tal said. "Volta Solar is proud to be at the vanguard of the State of Israel’s efforts to revolutionize its energy sector and reach 100% clean energy. This transaction represents a significant achievement and our partnership with More Investment House will strengthen our capabilities and capacity to fulfill the company's vision to accelerate the transition to solar energy, inIsrael and in other markets where we are now securing a foothold. We are grateful to More, Eyal Waldman and the additional investors for the trust they have placed in Volta Solar, and we will continue to work hard to achieve our goals." 

Solar energy is a hot topic in Israel, with the Jewish state having set for itself an objective of sourcing 30% of its energy from renewable sources by the year 2030.