Lithuanian Business Angels Fund exited the Lithuanian provider of solar panels Energia Futura

Lithuanian Business Angels Fund exited the Kaunas-based provider of solar energy solutions for private households and businesses Energia Futura. The details of the deal are undisclosed, but according to the fund, it was a successful investment for them. Business Angels Fund invested €300K in Energia Futura in 2020.

Founded in 2016, Energia Futura carries out detailed assessments of the roof structure and existing electrical infrastructure, analyzes historical energy consumption data, designs a project for the power plant, and installs power plants both on the roofs and on the ground in private households and business premises.

In total, Energia Futura has installed more than 2,5K solar plants throughout Lithuania. According to the company, in 2022, its sales grew by 3,7 times to €6,6M compared to 2021, and profit before taxes comprised €0,55M. During the last three years, the number of employees increased from 20 to 72, and taxes paid to the budget reached 5,1M.

Business Angels Fund is a Lithuanian fund for supporting early-stage Lithuanian startups. The CEO of the fund is Daiva Rakauskaitė. The core investor of the fund is the Lithuanian state-owned company INVEGA. It co-invests with a business angel(s) on an equal basis with a ticket size of up to €600K. The latest investments are Lithuanian charging solutions for smart electric cars Inbalance Grid, open data service Okredo, fintech Spenfi, and a service for renting a room or a unit to keep personal belongings and company goods CityStorage.