Sunstone Systems has announced it has raised £1m in equity finance in its latest funding round.
Based in Kent, Sunstone Systems creates solar-powered technologies that provide surveillance, wireless networks and satellite communications to some of the most remote locations in the world. All while helping global organisations to reduce their CO2 emissions. This fundraise comes off the back of a stellar period of growth which saw it double year-on-year revenue in 2021, with projections to do the same in 2022.
According to ReportLinker, the global solar power equipment market size is expected to reach over $200bn by 2027 driven by a number of factors, including rising global warming, increased awareness of renewables, and fuel cost reduction. Indeed, increasing the UK’s reliance on solar power was a key component of the British energy security strategy, which was updated and published earlier this year.
“A number of factors have seen demand for our products scale considerably over the last two years” said Aaron David, CFO, Sunstone Systems. “The need to have power to critical and remote locations without the reliance on fossil fuels is growing more acute by the day. It’s why we see this latest fundraise as just the start of another period of exceptional growth.”
The latest fundraise will fuel the next phase of growth for the company. One that will see Sunstone Systems develop new products, as well as enabling the company to expand into key markets, particularly Europe and into America. It follows an extensive period of growth for the company in the last 18-months.
Sunstone Systems has recently made a number of key appointments across its engineering, design, sales and operations teams, and it is actively recruiting for further positions. The company has also acquired a number of new and high-profile clients including; WJ Group, Mitie, Johnson Controls and Rivian Automotive as well as bringing its latest innovation to market – the ARC Generator – capable of delivering off-grid power for a wide range of stationary and mobile applications, including surveillance, telecommunications and edge computing.
David concluded, “The UK has arguably the most ambitious net zero programme in the world, and we want to play a key part in making it happen. For us, this means developing world-leading, renewable energy-powered equipment to help industrial operations take simple steps to reduce their carbon footprint in their day-to-day activities.”