Berlin’s Cloover has raised an impressive €105 million ($114 million) in a Seed round to accelerate the development of its innovative operating system designed to connect stakeholders in the renewable energy sector. This funding round, led by Lowercarbon Capital with participation from existing investors 9900 Capital and QED, marks a significant milestone in Cloover’s mission to streamline and enhance the renewable energy transition.
Bridging the Gap in Renewable Energy Adoption
Cloover’s operating system aims to unify all relevant parties involved in the energy transition—installers, prosumers, manufacturers, energy providers, and investors—through an integrated platform offering software, finance, and energy solutions. This connectivity is crucial in addressing the European Union’s ambitious goal of producing 42.5% of its energy from renewable sources by 2030. Achieving this target requires annual investments of €800 billion, a figure that currently sees only half of the necessary funding.
The residential renewables sector has witnessed a robust 20% annual growth over the past decade, driven by rising energy prices, increased electrification, and growing consumer awareness. Installers have played a key role in this growth, yet reaching the remaining 80% of households still requires new, advanced tools—tools that Cloover is set to provide.
A Vision for a Unified Energy Transition
Jodok Betschart, co-founder and CEO of Cloover, emphasizes the company’s vision of breaking down silos among key stakeholders, which is essential for a successful energy transition. He states:
“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.”
Valentin Göcnzy, co-founder and CPO of Cloover, adds:
“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.”
Driving Growth with Fresh Capital
The new funding will allow Cloover to enhance its software development for installers and bolster its offerings in sales, payments, and financing. This strategic investment will help Cloover support the rapid growth of the residential renewables market, providing installers with the tools they need to expand their reach and efficiency.
Shawn Xu, Partner at Lowercarbon Capital, shares his enthusiasm for Cloover’s potential:
“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.”
Proven Traction and Future Prospects
Cloover’s significant traction in the renewable energy sector is demonstrated by its extensive network of several hundred partners across Europe and a revenue pipeline exceeding $3 billion. The experiences of partners like 4Panels, a Berlin-based solar installation company, underscore Cloover’s success and potential for further growth.
With this substantial investment, Cloover is well-positioned to drive the renewable energy transition forward, ensuring that the ambitious EU targets are not just met but exceeded. The company’s commitment to providing cutting-edge tools and comprehensive support to installers and other stakeholders will play a pivotal role in transforming Europe’s energy landscape.