Calgary AB, Canada
September 16th, 2025
FOR IMMEDIATE RELEASE
SolarSteam Closes CA$8M to Advance Clean Energy Infrastructure for Industrial
Clients SolarSteam Inc., a Canadian cleantech company delivering solar thermal energy solutions for industrial heat applications, announced today the close of its Seed II round, raising a total of CA$8 million in Seed-stage funding. The round includes CA$5 million in equity and CA$3 million in non-dilutive grants.
The equity round was led by Levelized Capital (California), the Energy Infrastructure fund from Capella Partners, with additional participation from BSB Manufacturing (Ontario), E8 Angels (Regenr8 & Chuck Chan), and European super angels Xavier Marcenac, Philippe Ougrinov, Stephane Gantchev, Krum Hadjigeorgiev, and Emil Kunev.
Proceeds from the round will support deployment of SolarSteam’s 1.5MWth First-of-a-Kind (FOAK) solar thermal project under a multi-year Energy-as-a-Service (EaaS) agreement in Alberta, Canada. The company’s model enables industrial decarbonization with no upfront client CAPEX.
Through extended technical diligence, Levelized Capital has grown to implicitly trust Apostol’s capital discipline and execution focus. His ability to set ambitious goals and pursue them with scrappy tenacity is unmatched.” said Jourdan Urbach, a Managing Partner of Levelized Capital.
“We’re fortunate to work with experienced investors who bring strategic insight beyond capital,” added, Founder and CEO of SolarSteam. “This funding enables us to deliver our first commercial system and validate our scalability.”
SolarSteam is currently advancing towards a second FOAK project in Canada and launching a solar thermal cooling pilot for data centre applications in Burlington, Ontario. A Series A round is planned for mid-2026, with early interest on SAFEs already underway.
For investment discussions or business opportunities, please contact Apostol Radev at apostol@solarsteam.ca or subscribe to SolarSteam’s newsletter at www.solarsteam.ca
In the meanwhile, it’s full (solar) steam ahead as the team focuses execution.
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