Migros invests single-digit million sum in solar start-up Rayo
Migros is investing capital in the single-digit million range in the growth of the start-up Rayo. The company, which was launched as a pilot project in March, offers solar systems in a subscription model for homeowners.
Zurich-based Migros is investing in the Zurich start-up Rayo. To this end, the retail group is pouring capital in the single-digit millions into the start-up via Sparrow Ventures, a Migros subsidiary and growth capital provider, and Migrol AG, also part of the Migros Group, according to a media release.
Rayo wants to make solar energy more accessible by renting out solar systems in a subscription model. This way, owners have no initial costs. Instead, owners pay “a fixed monthly amount for 20 years for their individual solar solution”. The price includes the photovoltaic system as well as all services from clarifications, planning, installation, maintenance and repairs to insurance and a smart home app.
There is interest in sustainable, individual solar solutions and energy self-sufficiency. Nevertheless, according to the data, only about one in ten single-family homes in Switzerland has solar panels on the roof. This is low by European standards. According to a media release, Lorenz Lüchinger, CEO of Sparrow Ventures, believes that the reason for the reluctance to install solar panels on one’s own house is the initial costs and the administrative effort.
It is precisely this gap that Rayo wants to close “and offer a solar solution with which the Swiss population can reduce their electricity costs and at the same time improve their ecological footprint”, Andreas Flütsch, CEO of Migrol, is quoted as saying.
Rayo subscribers can also order a battery storage system for surplus solar power in addition to their solar package. Rayo also provides charging stations for electric vehicles, using synergies with Migrol and the Migros Group. Migrol, headquartered in Adliswil ZH, operates filling stations, charging stations and car repair shops, among other things.