- mylight150 is a French cleantech company based in Lyon, and a pioneer in energy transition specialized in the design & distribution of smart energy management systems and solar self-consumption solutions (the ability to monetize and optimize surplus production of solar energy). mylight150 has secured €100m of growth capital investment to deploy and expand its solar ecosystem offering in France, Spain, and other European countries.
- The funding round is co-led by Eiffel Investment Group, Azora Capital, and Andera Partners, with existing investor Elevation Capital Partners, also participating.
- mylight150’s mission is to sustainably reduce the energy bills of residential homes and commercial buildings by using innovative, technology-based solutions to monetize & optimize solar energy production.
The leader in solar self-consumption solutions
Founded in 2014 by co-CEOs Ondine and Virgile Suavet, mylight150 aims to make solar power the primary source of energy and sustainably reduce the energy bills of European homes buildings by increasing the penetration of this innovative technology across the continent.
Operating in France, Spain, Switzerland, and Romania, the company is the first to offer a complete suite of fully integrated residential solar solutions, bundling proprietary photovoltaic equipment (including solar panels, energy management systems, and EV chargers), sophisticated digital tools, and energy management services to deliver a end-to-end self-consumption ecosystem. This ecosystem synchronizes consumption and production to optimize comfort and reduce the cost of electricity for end-users.
mylight150 also offers value-add services, such as its subscription-based virtual battery solution, MySmartBattery, which allows homeowners to virtually store surplus electricity produced by their solar panels and reuse it for free, allowing customers to reduce their electricity bills by 50% and more.
mylight150 also designs cutting-edge photovoltaic panels and develops artificial intelligence solutions to optimize electricity consumption, such as GreenPlay, which reduces the energy cost of water heater consumption.
mylight150 has quintupled its turnover and workforce over the last 3 years. In France, the company has enabled over 30,000 installations and currently has more than 7,500 virtual battery subscribers.
A market driven by the electrification of end-user energy consumption.
The electricity consumption of a typical European household is expected to double within 10 years, driven by the electrification of heating (heat pumps) and transportation (electric vehicles). In France alone, the government anticipates the installation of 10 million heat pumps and 15 million EV chargers over the next 15 years.
This wave of electrification poses two major challenges: the need to scale up electricity production and the imperative to optimize energy consumption and its cost.
1. Increasing electricity production
Residential solar self-consumption, where mylight150 is the market leader, is one of the fastest-growing sources of green electricity production: +200% in France over the last two years, +300% in Spain.
2. Intelligent management of electricity consumption
Solutions that synchronize production and consumption, like those developed by mylight150 since 2014, are proving to be essential. Dynamic demand management allows for the smoothing of consumption peaks which in turn limits the rise in electricity prices, all while supporting and promoting decarbonization of the legacy energy system. Intelligent management of the most energy-intensive devices through smart systems will become the norm in the coming years, driven by the need to control energy costs.
A significant capital raise to accelerate the development of self-consumption and address new markets.
After a €2m seed round in 2016 and an additional €6.5m funding round in 2020, mylight150 is completing a €100m growth capital transaction from a consortium of three reference private equity investors, specialized in energy transition and sustainable investment: Eiffel Investment Group through its Eiffel Essentiel fund, Azora Capital (the Spain-based private equity group) through its Azora European Climate Solutions Fund, , and Andera Partners through its Andera Smart Infra I fund. Elevation Capital Partners, the group’s historical shareholder, is also participating in the transaction. Demeter Partners’ Paris Fond Vert fund, a historical shareholder since 2020, will exit the capital structure in this round.
For mylight150, this transaction will accelerate its growth and the deployment of its energy management solutions in the European residential market, and continuously improving the quality of its tech-based solutions:
- Extend its geographic footprint: mylight150 targets an ambitious international expansion in Spain by offering additional services, such as MySmartBattery, its virtual battery solution, which has gained significant traction with consumers in France.
- Expand its expertise to new market segments: mylight150 is working on solutions to optimize the consumption of heat pumps and integrate it to the broader ecosystem given that households will see their electricity consumption increase significantly. The company is also expanding its ecosystem to include EV chargers.
- Increase market penetration and brand awareness: The company aims to accelerate its growth by becoming the preferred solar partner for consumers in the market and deploying its marketing efforts through a multichannel approach.
mylight150 is on track to generate c. €100M of sales in 2023. The company currently employs 260 people, including more than 70 individuals within its technology and innovation teams. The company plans to recruit 100 new talents by the end of 2024, and to multiply its sales by five before 2030.
Ondine et Virgile Suavet, Co-CEO de mylight150
“Combatting climate change means electrifying our economy. 10 years ago, we founded mylight150 to enable everyone to produce and consume their own green and affordable electricity. With the development of heat pumps and electric vehicles, our technologies are becoming essential to the energy model of the future. We are excited with this investment, that enables the growth of a future champion in a critical sector for Europe’s energy sovereignty.”
Romain Ohayon, Managing Director- Eiffel Investment Group.
“We are delighted to support mylight150 and its founders at this crucial stage of their journey. This investment reflects our confidence in the group’s potential and its ability to seize opportunities within the rapidly growing market of self-consumption. Working closely with the mylight150 team to accompany and enhance its future development is for us an exciting prospect, promising innovations, and success. With this 9th investment, our Eiffel Essentiel fund has reaffirmed its position as a major financial investor for SMEs in Europe’s energy transition sector.”
Santiago Olivares, Senior Partner – Azora Capital.
“This investment reflects our conviction in the solar self-consumption market and our willingness to support European leaders of the energy transition. We are confident that mylight150’s innovative offering will continue to play a crucial role in the decarbonization of the real economy and look forward to supporting the company during its next phase of growth. Given our real estate footprint and experience as a renewable energy developer in Spain, we are excited to work closely with the mylight150 team as the company expands its operations in the region.”
Pierre Millot, Director – Andera Partners
“mylight150 business model and strategy are fully aligned with our vision of tomorrow’s energy infrastructures, arising both from a favorable regulatory environment and end users’ awareness: decarbonation, decentralization, digitalization, and energy independence. This 6th investment for Andera Smart Infra reflects our strong commitment to supporting the growth of energy transition leaders and we are convinced that mylight150 and its seasoned management team are well positioned to strengthen and expand into new geographic areas their leading role in the growing self-consumption market. We are delighted to partner with mylight150 in the next chapter of their journey and support them in achieving many future successes.”
Julien Hugot, Co-founder, Managing Partner – Elevation Capital Partners
As the historical investor in mylight150 since 2016, Elevation Capital Partners has continuously supported the company’s rapid development spearheaded by Ondine and Virgile. We are thrilled to participate in this landmark funding round alongside new investors Eiffel Investment Group, Azora Capital and Andera Partners. This investment will consolidate mylight150’s European leadership in the field of energy transition through solar self-consumption and enable the company to further expand and contribute significantly to the shift towards sustainable economy. This is the first operation of FPCI Elevation Growth, our newly launched fund targeting innovative companies combining rapid growth and structural profitability.
Longreach Capital, Stephenson Harwood and Aklea advised mylight150 and its founders in the transaction. GIDE and Latham & Watkins advised Eiffel, Azora and Andera.