PHOTON ENERGY

What PHOTON ENERGY does

Photon Energy N.V. is a publicly listed (Warsaw/Prague/Frankfurt/XETRA, ticker PEN), Netherlands-domiciled, vertically integrated solar PV and energy services group operating across 15+ countries in Europe, Australia, and New Zealand. The company covers the full renewable-energy value chain: utility-scale project development, EPC contracting, IPP ownership of a 129.6 MWp operating portfolio, and O&M of more than 1.2 GWp of third-party and proprietary assets. Adjacent operations include a wholesale Tier 1 PV components B2B eShop (delivering 200 MWp of modules in 2025), energy trading and flexibility services across five CEE markets (Poland, Hungary, Czech Republic, Slovakia, Serbia) under the Lerta brand, a 460+ MW Virtual Power Plant, and roughly 320 MW of contracted DSR capacity with the Polish TSO. Two non-core but wholly owned sub-brands round out the group: Photon Water (clean water and wastewater management) and Photon Remediation (patented in-situ PFAS removal technology). Photon has been investing in RayGen Resources (5.47% fully diluted stake) to access concentrated solar PV with thermal hydro storage for two utility-scale projects in Australia and South Africa. As of Q1 2026 the group is undergoing a major restructuring, with bankruptcy of its Polish trading subsidiary, delayed green bond coupon payments, a 31.5% headcount reduction, and three Australian subsidiaries in voluntary administration.

The business model combines five revenue streams: (1) Engineering / EPC contracts (EUR 17.974M in 2024, +98.2% YoY) driven by large one-off builds like the 34 MW Hyperion Romania project and the 20.8 MWp Pukenui Solar Farm in New Zealand; (2) Electricity Generation from the 129.6 MWp IPP portfolio sold merchant or under PPA; (3) recurring Operations & Maintenance fees on 1.2+ GWp under management; (4) New Energy / Trading & Flexibility services (EUR 32.531M in 2024, +32.7% YoY) encompassing electricity trading, DSR, capacity market participation, and scheduling in CEE; and (5) PV Technology/Component wholesale distribution through the B2B eShop (EUR 5.416M in Q3 2025, +146.2% YoY). Customer base spans enterprise C&I (FORVIA, METRANS, ALDI, BAI Communications), municipal and government (Lord Howe Island Board, Australia Post, City of Mladá Boleslav, Koszalin WWTP), energy traders and flexibility providers, and third-party PV installers. Go-to-market is hybrid: direct enterprise field sales for large IPP/EPC/O&M deals, direct trading-desk relationships for DSR and energy offtake, and a curated B2B e-commerce channel for PV installers. As of Q1 2026 the company is headquartered in Amsterdam with operational hubs in Prague, Budapest, Warsaw, Bucharest, and Sydney, employs 380+ people representing 26 nationalities, and is listed across four European exchanges.

Name

PHOTON ENERGY

Legal name

Photon Energy N.V.

Website

https://photonenergy.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

Photon Energy N.V. is a publicly listed (Warsaw/Prague/Frankfurt/XETRA) vertically integrated solar PV group delivering utility-scale development, EPC, IPP ownership, O&M, energy trading and DSR flexibility across 15+ countries in Europe, Australia and New Zealand, with a 129.6 MWp owned portfolio, 1.2 GWp O&M book and 460+ MW Virtual Power Plant.

Ownership category

akta.pro rank

Product category

Solar Energy Services

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Solar Balance-of-System Components (Cables, Combiner Boxes, Switchgear, Transformers) (EUAMABAG)

Keywords

• Utility-scale solar power
• Solar EPC services
• Photovoltaic operations maintenance
• Battery energy storage
• Energy flexibility services

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Engineering (EPC contracts): Engineering, procurement and construction services for third-party clients building solar power plants. Revenue grew 98.2% YoY to EUR 17.974 million in 2024. Major projects include 20.8 MWp Pukenui Solar Farm in New Zealand and 34 MW EPC contract with Hyperion in Romania.
2. Electricity Generation (IPP portfolio): Revenue from owned solar power plants in the IPP portfolio. The company owns 129.6 MWp of operating assets generating electricity sold on merchant basis or through PPAs. Electricity generation reached 162.8 GWh in 2024 (+16.5% YoY). Revenue from electricity generation was EUR 7.788 million in Q3 2025.
3. Operations & Maintenance (O&M): Long-term O&M service fees for PV power plants. O&M portfolio surpassed 1.0 GWp threshold in 2024 and now exceeds 1.2 GWp. Includes monitoring, maintenance, and asset management services for both proprietary and third-party assets.
4. New Energy (Trading & Flexibility): Electricity trading and flexibility services across Central and Eastern Europe markets (Poland, Hungary, Czech Republic, Slovakia, Serbia). Includes DSR services, capacity market participation, and energy scheduling. Revenue grew 32.7% YoY to EUR 32.531 million in 2024.
5. PV Technology/Component Trading: Wholesale distribution of PV components including panels, inverters, and batteries through dedicated B2B eShop. Technology trading revenue was EUR 5.416 million in Q3 2025 (+146.2% YoY). In 2025, delivered modules with total capacity of 200 MWp.

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Photon Energy delivers integrated solar energy solutions across the full project lifecycle, including utility-scale and on-site PV project development, EPC contracting, IPP ownership of solar power plants, O&M services for third-party assets, battery energy storage, and wholesale distribution of PV components through a B2B eShop. The company also operates energy trading, flexibility and DSR services across Central and Eastern Europe, and supports its portfolio with a Virtual Power Plant aggregating 460+ MW of distributed energy resources.

Product overview

Photon Energy operates as an integrated renewable energy company offering a comprehensive portfolio of solar power solutions spanning the full project lifecycle. The core offerings include Utility-Scale Solar Power (EPC services for large installations), Battery Energy Storage Systems, On-site Solar Power for commercial/industrial properties, and O&M services managing over 1.2 GWp globally. The company also operates a Wholesale PV Components eShop distributing Tier 1 solar technology across Europe. Supporting services include Energy Flexibility Monetisation, Energy Offtake with trading licenses across Central Europe, and a Virtual Power Plant managing over 460 MW of distributed energy resources. Related divisions include Photon Water (water treatment and management) and Photon Remediation (PFAS environmental cleanup). The portfolio operates as interconnected services where EPC/construction feeds into the asset management and O&M pipeline, technology trading supports third-party installations, and New Energy services enable trading and flexibility optimization across the entire asset base.

Differentiator

Problem solved

Functional benefit

Brands

• Photon Water: Clean water solutions ranging from lake management and algae control to treatment of drinking water and wastewater
• Photon Remediation
• Lerta

Products and services

• Utility-Scale Solar Power Comprehensive EPC and project development services covering the full lifecycle of PV installations from project development to engineering, procurement, construction, design, permitting, construction management, and grid connection for large-scale solar installations.
• Battery Energy Storage Systems Large-scale battery energy storage solutions integrated with solar power plants to enhance grid stability, manage energy demand, and enable flexible power dispatch for utility and commercial applications.
• On-site Solar Power and Energy Storage Customized PV and battery storage systems designed, built, and managed for rooftops and other commercial and industrial properties, enabling businesses to generate and store their own renewable energy on-site.
• O&M for Photovoltaics Full range of operations and maintenance solutions for solar PV systems including preventive inspections, continuous monitoring, inverter maintenance (including Satcon service partnership via Inverter Cardio), vegetation control, module washing using demineralised water, and ground maintenance for utility-scale installations. Manages over 1.2 GWp of assets globally.
• PV Components (Wholesale eShop) Wholesale distribution of Tier 1 photovoltaic components including panels, inverters, batteries, and accessories from leading global brands through a dedicated B2B eShop serving PV installers and developers across Europe. Delivered modules with total capacity of 200 MWp in 2025.
• Asset Management Solar and BESS asset management services for third-party owners including performance monitoring, maintenance coordination, and optimisation of renewable energy assets throughout their lifecycle.
• Energy Flexibility Monetisation Services helping energy generators and large consumers optimise their energy flexibility to unlock new revenue streams through demand-side response, grid balancing services, and participation in capacity markets across Central and Eastern Europe.
• Energy Offtake Electricity trading and scheduling services for renewable energy producers including KÁT settlement in Hungary, power purchase agreements, balancing contracts, forecasting contracts, and supply agreements. Holds electricity trading licenses in Poland, Hungary, Czech Republic, Slovakia, and Serbia.
• Virtual Power Plant (VPP) Aggregator platform that manages distributed energy resources including solar installations and storage systems, coordinating energy generation and consumption with total capacity exceeding 460 MW managed through the VPP.
• Photon Water Clean water solutions division providing water treatment, wastewater management, remediation services, lake management, algae control, and development/management of wells and water resources for industrial and municipal clients.
• Photon Remediation Environmental remediation solutions using patented in-situ technology proven to effectively remove PFAS contamination from groundwater and soil, serving industrial clients and contaminated site owners.
• Electricity Supply Customized electricity supply services for business customers with annual consumption exceeding 100,000 kWh in Hungary, including competitive pricing and energy management solutions.

Quantifiable outcome

• 162.8 GWh clean energy generated in 2024, up 16.5% YoY, avoiding 67,748 tCO2e
• +5 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eleven partnerships are on record, tiered minor, core and flagship.

• Czech University of Life Sciences Prague (CZU)minorStrategic or Co-development Partner · 6 April 2026Joint biodiversity research project with CZU financially supported by TA ČR and the EU (NextGenerationEU). Project 'Optimizing Biodiversity Support for Solar Parks in Open Landscape' conducted across 17 photovoltaic power plants in Czech Republic.
• Aquila Clean Energy APACcoreStrategic or Co-development Partner · 12 November 2025Co-development partnership for the 20.8 MWp Pukenui Solar Farm in New Zealand. Aquila Clean Energy APAC co-developed the project with Far North Solar Farm. Photon Energy served as EPC contractor and now provides O&M services.
• Far North Solar Farm (FNSF)coreStrategic or Co-development Partner · 12 November 2025Co-developed the 20.8 MWp Pukenui Solar Farm with Aquila Clean Energy APAC. Photon Energy served as EPC contractor and now provides O&M services.
• REDSIDEcoreChannel Partner/ Reseller/ Distributor · 19 September 2025Photon Energy signed O&M contracts with REDSIDE for 48 MWp of PV assets in the Czech Republic and Hungary. Photon Energy provides operations and maintenance services to REDSIDE's portfolio.
• Greenvolt GroupminorChannel Partner/ Reseller/ Distributor · 10 September 2025Photon Energy secured a new contract with Greenvolt Group to provide solar asset management services in Hungary.
• R.Power RenewablesminorStrategic or Co-development Partner · 5 August 2025Agreement for optimization of a hybrid solar + energy storage asset in Poland. Combines Photon Energy's energy flexibility expertise with R.Power's asset portfolio.
• AGL EnergyminorStrategic or Co-development Partner · 9 July 2025AGL acquired the Yadnarie solar project from Photon Energy. Photon Energy obtained development approval and then sold the project to AGL, demonstrating capital recycling strategy in the Australian market.
• Hyperion RenewablescoreStrategic or Co-development Partner · 15 May 2025Portuguese renewable energy developer. Photon Energy signed an EPC+O&M contract for a 34 MW solar power plant in Romania with Hyperion Renewables.
• CleanPeak EnergyminorChannel Partner/ Reseller/ Distributor · 2 October 2024Photon Energy sold two operating solar power plants (14.5 MWp combined) and a hybrid development-stage solar/battery project (8.2 MWp/10.9 MWh) in NSW, Australia to CleanPeak Energy. Net cash contribution of over EUR 6 million.
• CTP (CTParks)coreStrategic or Co-development Partner · 22 September 2022Partnership with CTP, the largest industrial property developer in Central and Eastern Europe, for rooftop solar PV installations at three CTParks in Slovakia (Bratislava, Trnava, Žilina). Combined capacity 1.26 MWp. Both organisations involved in construction with CTP handling AC connections and Photon Energy handling DC components.
• RayGen ResourcesflagshipStrategic or Co-development Partner · 1 April 2020Photon Energy entered a strategic partnership and made a minority equity investment in RayGen in April 2020 (A$2 million), followed by additional investment of A$3 million in 2021. Third investment of A$2 million in 2025 brings total to A$7 million and a 5.47% fully diluted stake. RayGen develops concentrated solar PV with thermal hydro storage technology. Photon Energy is advancing two utility-scale projects using RayGen technology: 150 MW Yadnarie plant in Australia and 250 MW Winterton plant in South Africa.

Scale indicators20 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BayWa r.e. BayWa r.e. is a German-based global renewable energy developer, EPC contractor, and PV component distributor with operations across Europe, Americas, and Asia-Pacific. Like Photon Energy, it offers an integrated model spanning project development, EPC, O&M services, and wholesale PV distribution, serving similar C&I and utility-scale customers.
• ib vogt GmbH: ib vogt is a German solar EPC and project development company focused on utility-scale PV projects globally. It is comparable to Photon Energy in its integrated approach combining development, EPC, and IPP activities across multiple European and international markets, with similar customer segments including IPPs and institutional investors.
• Scatec ASA: Scatec is a Norwegian-listed renewable energy IPP and developer with utility-scale solar, wind, and storage assets across emerging markets. Comparable to Photon Energy in its integrated development-EPC-IPP model, recurring O&M and asset management services, and listed equity providing capital markets access for project financing.
• Encavis AG: Encavis was a German-listed solar and wind IPP operator (taken private by KKR in 2023) operating utility-scale renewable assets across Europe. Comparable to Photon Energy in its IPP-focused business model, recurring revenues from electricity generation, and European geographic footprint including CEE markets.
• Sonnedix: Sonnedix is a global solar IPP with operations across Europe, the Americas, and Asia-Pacific (owned by EDP Renováveis). It is comparable to Photon Energy in its pure-play solar IPP strategy, focus on C&I and utility-scale assets, and emphasis on long-term operational asset management.
• Solaria Energia y Medio Ambiente: Solaria is a Spanish-listed solar PV developer and IPP with operations across Iberia and Europe. Comparable to Photon Energy in its listed European solar IPP model, vertical integration across development and operations, and focus on both rooftop and utility-scale solar assets.

Emerging players

• Greenvolt Group: Greenvolt is a Portuguese renewable energy company with utility-scale solar, wind, and biomass operations across Europe. Photon Energy secured an O&M contract with Greenvolt Group in Hungary in 2025, demonstrating commercial overlap. Comparable as a European integrated renewables developer and IPP with similar geographic focus on CEE and Iberia.

Broad incumbents

• EDP Renováveis: EDP Renováveis is one of the world's largest renewable energy developers and IPPs (subsidiary of EDP, listed on Euronext Lisbon). Comparable to Photon Energy as a major European renewable IPP with utility-scale solar and wind assets, global project development pipeline, and operating services across multiple markets including CEE.
• Enel Green Power: Enel Green Power is a global renewable energy IPP (subsidiary of Enel Group) with extensive solar, wind, and storage assets across the Americas, Europe, Africa, and Asia-Pacific. Comparable to Photon Energy as a large-scale, vertically integrated renewable IPP and developer with global geographic reach and grid services capabilities.
• Statkraft: Statkraft is a Norwegian state-owned renewable energy IPP and one of Europe's largest generators of hydropower and wind. Comparable to Photon Energy as a European renewable IPP with operations across multiple markets, growing solar portfolio, energy trading/flexibility services, and asset management capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/GroupPhoton
• YouTubeyoutube.com/@photonenergygroup
• Facebookfacebook.com/photonenergymagyarorszag
• LinkedInlinkedin.com/company/photon-energy-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PHOTON ENERGY