Last year, wind and solar energy surpassed fossil fuels to supply 30% of the EU’s electricity. Against this backdrop, startups in the solar industry have been capitalizing on a shift in how we power our world. In 2022, we reported on a small European B2C startup’s plan to revolutionize home solar with “vertical solar panels” designed for stylish European balconies. However, this approach faced challenges, leading WeDoSolar to pivot towards B2B operations after a Chinese solar giant, Genbyte Tech, acquired a minority share. The terms of the deal were undisclosed.
Genbyte, a publicly traded company with factories in China and yearly revenues exceeding $1.4 billion, has established a strategic partnership with WeDoSolar for its next phase. WeDoSolar, previously backed by New York’s VentureOut and Germany’s Leanox Impact Capital, is set to benefit from Genbyte’s expertise in microinverters, energy storage systems, and smart grid solutions as it expands its reach and enters new markets.
Founded in 2021 by Karolina Attspodina, a Ukrainian-born serial entrepreneur, and Qian Qin, a hardware engineer and former managing director of BSH Digital Ventures GmbH, WeDoSolar initially offered user-friendly solar solutions for home installation. As the market became saturated with inferior products, the company decided to shift to a B2B model under Qin’s leadership, leveraging Genbyte’s resources to cater to resellers, property developers, and commercial enterprises.
Attspodina, the CEO and co-founder, is stepping down from her role but remains committed to the company as a shareholder and board member. Qin will take the reins as CEO, leading WeDoSolar’s new direction in partnership with Genbyte. As the company transitions to target commercial clients, Attspodina expressed confidence in the decision, emphasizing the need for a strong partner to drive their growth while retaining a majority stake in the business.
Looking ahead, Attspodina shared her plans to venture into the Dual-Use/Defense sector, while continuing to support other founders with fundraising and other initiatives.
