Solas Sustainable Energy Fund ICAV (SSEF) and PAUL Tech close financing deal

We are delighted about the extensive investment of EUR 20 million and that we have the Solas Sustainable Energy Fund ICAV (SSEF) as a competent financing provider in the field of Heating-as-a-Service (“HaaS”) in Germany at our side.

Solas Sustainable Energy Fund ICAV (SSEF), which is advised by Solas Capital AG, based in Zurich and Dublin, has signed a framework agreement with PAUL Tech AG (PAUL Tech) for registered bonds with an initial value of EUR 20 million to be issued in four tranches. The first two bonds in the amount of EUR 10 million have already been issued.

The funding will go towards installing PAUL Tech’s PAUL Performance systems.

The PAUL Performance systems use software-controlled hydraulic balancing to optimize water volume flow in heating systems in apartment buildings. The solution improves the energy values of the properties and leads to an average reduction in energy consumption of 20-40%. It helps to reduce the pressure of the energy crisis at an individual level by lowering costs for tenants.

Sven Degens, Partner at Solas Capital AG: “This partnership is an example of Solas’ commitment to driving change in the heating sector in Germany. We are delighted to be able to support PAUL Tech by improving the accessibility of their cutting-edge heating efficiency technology, which will have a tangible impact on household budgets across the country.”

Sebastian Carneiro, CEO of Solas Capital AG: “SSEF is committed to partnering with ESCOs (Energy Service Companies) that offer a broad range of energy efficiency technologies within the EU to provide our investors with a diversified investment portfolio with stable cash flows.”

Sascha Müller, founder and CEO of PAUL Tech: “We are honored to receive this substantial investment from our committed green investor Solas Capital. We also see it as confirmation of the confidence in our position as a HaaS provider, which we will revolutionize with our new PAUL Net Zero solution.”

With PAUL, existing buildings can significantly save energy and CO2 emissions.

For this purpose, the heating and hot water system is digitalized centrally in the basement. The integrated sensors and actuators – motorized valves – automatically carry out adaptive hydronic balancing: The big issue for the housing industry, which is obliged by the Energy Saving Ordinance to carry out hydronic balancing regularly. Doing this conventionally within the required specifications presents the industry with immense challenges.

PAUL performs hydraulic balancing digitally and continuously optimizes it with AI. This pioneering PAUL technology ensures hydronic balancing and achieves energy savings by making the use of heat pumps in existing buildings possible.

For more information, please visit: www.solas.capital

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