French floating solar start-up attracts major new investors

Business & Finance

April 11, 2023, by Amir Garanovic

French floating solar start-up HelioRec has closed the first tranche of its seed round, securing new investments from First Imagine! and Techstars.

HelioRec’s floating solar system (Courtesy of HelioRec)

First Imagine!, a UK-based early-stage venture capital investor, has supported HelioRec, along with US-based Techstars, one of the largest pre-seed investors in the world.

The funding from the round will be mainly used for the expansion of the manufacturing line, product certification, intellectual property protection, and proving the company’s floating solar technology at scale, HelioRec said earlier.

Alexander Starchenko, managing partner at First Imagine!, said: “Heliorec is at the forefront of a new era in renewable energy, and First Imagine! is excited to be a part of its journey.

“Its unique approach to solar energy has the potential to make a significant impact on the environment and help accelerate the transition to a more sustainable future. First Imagine! believes in Heliorec’s vision and is committed to supporting their growth and success.”

HelioRec has developed a floating solar system, whose compact design makes it easy to transport and set up. It is also accompanied with machine learning system that helps to improve efficiency in power generation operations and maintenance efforts, according to the company.

“This round is a significant milestone for HelioRec, as it validates the start-up’s vision and potential for growth. This investment is meaningful for the development of the floating solar industry as a whole, and with HelioRec’s patented technology and this support from top-tier investors, HelioRec has the potential to disrupt the market and make a positive impact on our environment,” HelioRec said in a statement.

In 2022, HelioRec installed a 10kW floating solar pilot plant in the Port of Oostende in Belgium, in collaboration with Greenpipe International, as part of the EU-funded DUAL Ports initiative.

The aim of the pilot project is to improve the possibility of producing renewable energy via floating solar panels using recycled plastic waste to build the floaters, therefore contributing to circular economy movement.