Solar AI Secures $1.5 Million in its Seed Round from Venture Capitalists and Angel Investors

Solar AI Technologies' founder, Bolong Chew, says the company wants to make solar energy more accessible in Southeast Asia by offering a rent-to-own model that allows customers to start saving on their energy bills right away. Earth Venture Capital led the $1.5 million seed round, with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo.

Solar AI was launched three years ago and incubated through Engie Factory, the venture arm of French utility company Engie Group. Chew, who founded the company along with Gérald Chablowski and Luke Ong, said the team realized that one of the barriers to rooftop solar adoption in Southeast Asia is lack of trust and awareness, since significant upfront costs have led to low adoption. As a result, most people don’t know anyone who has already installed a solar system, despite the rising cost of electricity, and the penetration rate of solar systems is still less than 1%.

"The traditional pitch for a rooftop solar system is that you pay $15,000 to $20,000 up front, break even in seven to eight years, and then get free electricity for the next 20 years," Chew explained. "However, because most people don't know anyone who has had a solar system for two or three years, it's very difficult for customers to take that leap of faith and move forward." Finally, the rental model allows us to reduce the risk of solar ownership for these customers."