Berlin renewable energy Cloover has raised a $114 million Seed round to fuel the growth of its operating system. The company connects all relevant stakeholders of the energy transition — installers, prosumers, manufacturers, energy providers, and investors — through its software, finance, and energy solutions.
To achieve the EU target of 42.5 percent of energy produced by renewables in 2030, investments of €800 billion per year are needed, but only half of that is currently accounted for.
The residential renewables sector has grown 20 per cent annually in the last decade, driven by higher energy prices, greater electrification, and consumer awareness.
Installers have stepped up to meet demand, but to reach the remaining 80 per cent of households installers will need new tools, something Cloover aims to provide.
Jodok Betschart, co-founder and -CEO of Cloover shared:
"Cloover’s vision is to dismantle the silos among key stakeholders essential for a successful energy transition.
By streamlining the sales process for installers, managing payment flows and financing, procuring necessary materials, and overseeing energy production and consumption for individuals, Cloover connects the dots and leverages synergies across the entire value chain.”
According to Valentin Gönczy, co-founder and CPO of Cloover:
"Our software empowers this target group with the same sophisticated digital tools that the big players have long had, enabling them to compete on an equal footing and accelerate sustainable energy adoption."
Lowercarbon Capital led the round with participation from existing investors 9900 Capital and QED.
Shawn Xu, Partner at Lowercarbon Capital, shared:
“Rooftop solar is a money-saving, no-brainer upgrade for homeowners, and Cloover’s tech stack and financing firepower gives installers the fastest possible path to electrifying the 200 million homes across the European continent.”
With several hundred partners across Europe representing a revenue pipeline surpassing $3 billion, Cloover has already proven significant traction in the renewable energy sector. This achievement is underscored by the experiences of its partners, such as 4Panels, a Berlin-based solar installation company.
With the fresh capital, Cloover will double down on its installer software development and further strengthen its sales, payments, and financing offerings.
Lead image: Cloover. Photo: uncredited.