Solar energy shines all over the world, but very little in Quebec. To make their mark in the sun, Quebec companies must therefore turn to foreign markets, which some of them are doing successfully.
The key, in solar energy as elsewhere, is to arrive at the right place at the right time, summarizes Zacharie Magnan, financial director of Solfium. Mr. Magnan and two of his colleagues founded Solfium in Quebec at the end of 2020, but immediately established themselves… in Mexico. The company closed 2023 with revenues of approximately US$5 million. As a bonus, it received additional funding of $3 million at the very end of the year from a Mexican investment exchange associated with Nasdaq and other funds from Silicon Valley, among others.
“This confirms that the timing was good,” said Duty Zacharie Magnan. “Solar panels are nothing new, but prices are falling, and the savings they generate for the consumer are optimal — even without purchasing assistance from governments. »
The only downside is that the residential installation of a solar system is split and represents quite a headache in the markets where Solfium is present. You have to find the financing, the installer, the equipment, and make the connection with the electricity network. Etc.
Solfium presents itself as the solution to all these logistics. Mr. Magnan describes it as an “Uber of solar energy” for the residential sector. “We have agreements with manufacturers of panels, controllers, connectors, we eliminate intermediaries and their profit margins, so it also reduces the cost of adopting the technology. Then we find a local installer, who takes care of the rest. »
For the customer, who may be the owner of a residence, a merchant or a business manager whose goal is to reduce their energy consumption or their generation of greenhouse gases, it is an all-in-one solution that is attractive.
“Our concept could work anywhere in the world, the difficulties we solve are the same everywhere, including in Canada. But our target markets are further south. We think of Latin America, Colombia, Brazil…”
Mobile solar
There are already solar collectors designed specifically for buildings. It is less obvious to install solar panels on moving vehicles. However, this is the challenge that CAPSolar has set itself: to break into this market, thanks to transparent and flexible panels, which will be produced in Montreal.
CAPSolar also inaugurated its factory located in the Ahuntsic-Cartierville district in mid-March, in the company of the Minister of Economy, Innovation and Energy, Pierre Fitzgibbon.
“We produce panels suitable for nautical and road vehicles,” explains Samy Benhamza, CEO and founder of CAPSolar. “On an electric car, one panel can add 20 to 30 kilometers of range in a day, almost the equivalent of the distance traveled by many people just going from home to the office. This reduces demand on the network. We may also have a greater impact on other types of vehicles, such as small, specialized electric vehicles. »
CAPSolar already sells its technology in the southern United States. It also has a pilot project with a world-class manufacturer to equip the rolling stock of factories and large industrial parks with solar panels. “We can improve the autonomy of this type of equipment by 50%,” says Mr. Benhamza.
CAPSolar does not present solar as a money-saving solution, but rather as a time-saving solution. In a commercial context, being able to use rolling stock for longer between recharges is an important advantage, the company says.
“Obviously, it’s more effective where there is more sun,” adds Samy Benhamza to explain his company’s strategy of selling its solution abroad first. Quebec is not the sunniest place on the continent…
But it’s still a good place to manufacture your panels, continues the manager of CAPSolar. “It costs a little more than producing them in China, but they are also of much better quality…”
And if CAPSolar’s target is mainly on the side of specialized vehicles, Samy Benhamza thinks he will be able to attack the consumer vehicle market fairly soon. We see major manufacturers presenting concept vehicles equipped with solar sensors, but they never enter production.
“Current solar panels are rigid, fixed and not very durable. We want to change that. For example, our panels use materials that reduce the impact of vibrations. We think we can do it in three to five years. »
Why not. After all, in a context where we increasingly fear energy shortages, one thing seems certain: we won’t run out of sun anytime soon…