Funded Energy Startups in Estonia
Estonian energy funding in the most recent 11 entries is dominated by one large disclosed round: Sunly’s $68M (2025-03-11), which sits well above the rest…
Estonian energy funding in the most recent 11 entries is dominated by one large disclosed round: Sunly’s $68M (2025-03-11), which sits well above the rest of the disclosed amounts. The next-largest disclosed figures are Skeleton Technologies at $39M (2026-05-08) and Solarstone at $10M (2022-07-20) and Roofit.solar at $7M (2023-03-09), while several rounds cluster at $3M (Gridio $3M on 2025-01-27, Fusebox Energy $3M on 2025-01-20, and Efenco $3M on 2023-11-16).
Geographically, the list is overwhelmingly centered on Tallinn/Harjumaa, with all 11 companies tied to Tallinn/Harjumaa except Solarstone (Viljandi, Viljandimaa) and the one spelling variant “Tallin, Harjumaa” (Zero Labs). Temporally, activity compresses into early 2025: four rounds land between 2025-01-16 and 2025-03-11 (Elcogen $6M, Gridio $3M, Fusebox Energy $3M, and Sunly $68M). Stages are mixed but heavily skewed toward “Series Unknown,” which appears for 5 of the 11 entries (Skeleton Technologies, Sunly, Fusebox Energy, Elcogen, and Efenco), with smaller samples for Pre-Seed (3 entries), Seed (1), Series A (1).
Most recent rounds
11 shownRelated listings
Frequently asked
What’s the largest disclosed round in this Estonia energy set, and how does it compare to the others?
Sunly’s $68M disclosed round on 2025-03-11 is the clear outlier; it’s the only entry above $50M. The next-largest disclosed amounts are Skeleton Technologies at $39M (2026-05-08) and then Solarstone at $10M (2022-07-20) and Roofit.solar at $7M (2023-03-09).
Do any rounds concentrate in a narrow date window?
Yes. Four disclosed rounds close within roughly two months in early 2025: Elcogen ($6M, 2025-01-16), Gridio ($3M, 2025-01-27), Fusebox Energy ($3M, 2025-01-20), and Sunly ($68M, 2025-03-11). Outside that window, the remaining entries appear in 2026 (Skeleton Technologies) and 2023–2022 (e.g., Roofit.solar on 2023-03-09; Solarstone on 2022-07-20).
Is Tallinn/Harjumaa over-represented compared with other Estonian locations?
Across these 11 entries, 9 explicitly list Tallinn, Harjumaa, with Zero Labs using “Tallin, Harjumaa” (still the same locality label). Only Solarstone is listed outside that cluster (Viljandi, Viljandimaa) on 2022-07-20, making Tallinn/Harjumaa the dominant geographic grouping in this slice.
What stage mix dominates the disclosed rounds here?
“Series Unknown” appears on 5 of 11 entries (Skeleton Technologies $39M on 2026-05-08; Sunly $68M on 2025-03-11; Fusebox Energy $3M on 2025-01-20; Elcogen $6M on 2025-01-16; Efenco $3M on 2023-11-16). Pre-Seed accounts for 3 of 11 (GaltTec $1M on 2025-02-28; Zero Labs $100K on 2023-06-08; Kwota $2M on 2022-04-04), while Seed (Gridio $3M on 2025-01-27) and Series A (Solarstone $10M on 2022-07-20) each appear once.
Which outliers are notable beyond the single largest round?
At the small end, Zero Labs’ $100K on 2023-06-08 is the only disclosed amount below $1M in this set. On the high side, the $68M (Sunly) and $39M (Skeleton Technologies) rounds both sit far above the midrange of several $3M rounds (Gridio 2025-01-27; Fusebox Energy 2025-01-20; Efenco 2023-11-16), suggesting funding concentration at the top and a recurring mid-tier cluster.
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