German firm Vireo Ventures has jointly led Eltex’s €1.8 million funding round with German company Kopa Ventures. Eltex specialises in infrastructure for home electrification. Both venture capital firms highlight how home electrification is gaining momentum across Europe, with Spain in an advantageous position in this market.

Charles Deknudt founded Eltex in 2021, when he realised how difficult it was to carry out home electrification projects properly. The venture originated in Spain as a manual installation business, and in just four years it has become a technology platform that coordinates the installation, commissioning and maintenance of solar panels, batteries, heat pumps and electric vehicle chargers.

Shorter time frames and clear pricing
Eltex’s operational platform organises a network of independent installers in Spain and Italy, and manages self-consumption projects in order to reduce lead times and offer its customers clear pricing. As regards the installers, they delegate sales, administration and coordination tasks to this system.

According to the company, “Our technological and operational platform connects feasibility, certified installers, logistics and execution so that solar, heat and other electrification solutions operate reliably and on a large scale”.

New infrastructure layer
The investment raised in this funding round will be used to build a new layer of infrastructure for the electrification of homes. It will in addition make it possible to strengthen operations and execution, to expand the network of certified installers in Spain and Italy, and to prepare for its expansion into other European countries.

Since Eltex was founded, the company has multiplied its revenues by more than 20, producing double-digit growth. Vireo Ventures state that the Spanish company “has been built with strong capital discipline and has demonstrated resilience in the face of changes in market conditions.”

^{Photo: Eltex}