Wedosolar Shifts to B2B Following Acquisition by Chinese Solar Firm

EU Electricity Generation Shifts Towards Renewables

Recent data indicates that wind and solar power have surpassed fossil fuels, now accounting for 30% of the electricity generated within the European Union. This significant shift has fueled growth for startups operating within the solar energy sector, marking a substantial change in power generation methodologies.

Previously, in 2022, we reported on a European B2C startup’s initiative to integrate solar energy into homes through its innovative “vertical solar panels.” These panels were specifically designed for installation on European balconies. However, this direct-to-consumer approach presented challenges.

WeDoSolar Pivots to B2B with Genbyte Tech Acquisition

Consequently, WeDoSolar is now transitioning to a B2B business model following a minority stake acquisition by Genbyte Tech, a prominent Chinese solar energy company. The financial details of this transaction have not been publicly disclosed.

Genbyte, a publicly listed company with manufacturing facilities in China and annual revenues exceeding $1.4 billion, is establishing a strategic partnership with WeDoSolar for its next phase of development.

Prior to this acquisition, WeDoSolar had secured early-stage funding from VentureOut, based in New York, and Leanox Impact Capital, located in Germany.

Genbyte Tech's Role in Scaling WeDoSolar

Genbyte Tech specializes in the production of microinverters, energy storage systems, and intelligent grid solutions. The company will leverage its infrastructure and technical expertise to facilitate WeDoSolar’s operational expansion and entry into new markets.

WeDoSolar was established in 2021 by Karolina Attspodina, a Ukrainian-born entrepreneur with a history of successful ventures, and Qian Qin, a hardware engineer and former managing director of BSH Digital Ventures GmbH.

Initially, the startup focused on providing compact, self-installable, plug-and-play solar solutions for residential use.

Reasons for the Strategic Shift

“The move to a B2B model is a logical progression for our company,” explained Attspodina, CEO and co-founder of WeDoSolar, in a statement to TechCrunch. “The market became saturated with lower-cost, and often less safe, products, making it difficult for customers to discern the quality differences.” She will be stepping down as CEO but will continue as a shareholder and board member.

Qin will assume the role of WeDoSolar CEO, utilizing Genbyte’s resources to serve resellers, property developers, and commercial clients with tailored solar panel solutions.

Future Plans and Founder's Next Venture

“We required a robust partner to support our transition to a B2B model, and this partnership with Genbyte represents the optimal solution,” Attspodina added. “The founding team will maintain a majority stake, and a new team will be assembled under Qin’s leadership.”

Attspodina also shared with TechCrunch that she intends to explore opportunities within the Dual-Use / Defense sector. In the interim, she will focus on assisting other founders with fundraising and project development.