Cloover raises $114 million to connect 1 billion people to renewable energy

Berlin-based startup Cloover has raised an impressive $114 million seed round to advance its mission to connect one billion people to renewable energy.

This round of financing, led by Lowercarbon Capital, founded by renowned venture capitalist Chris Sacca, with participation from existing investors 9900 Capital and QED, underscores growing investor confidence in Cloover’s innovative business model.

The Cloover operating system aims to unite all stakeholders of the renewable energy industry, including installers, prosumers, manufacturers, energy suppliers and investors.

The company’s software, finance and energy solutions streamline the entire value chain, from sales and payment flows to material procurement and energy production management.

Breaking down silos for a successful energy transition

Cloover’s vision is to break down the silos between the key stakeholders necessary for a successful energy transition.

By streamlining the sales process for installers, managing payment flows, sourcing necessary materials, and overseeing energy production and consumption, Cloover creates synergies across the entire renewable energy ecosystem.

With a new capital Clover plans to improve its installation software and strengthen its sales, payment and financing offerings.

This approach aims to accelerate the adoption of sustainable energy by enabling SMB installers to operate more efficiently and effectively.

By combining its own data on consumer energy savings with multiple sources of capital, Cloover expands financing to households that previously did not have access to renewable energy assets.

This strategy also unlocks working capital for Cloover partners, facilitating faster deployment of renewable energy sources across Europe.

Meeting Europe’s ambitious renewable energy targets

Significant investment is needed to achieve the EU target of 42.5% renewable energy by 2030.

Over the past decade, the residential renewable energy sector has grown by 20% annually, driven by higher energy prices, greater electrification and increased consumer awareness.

However, reaching the remaining 80% of households requires new tools and support for installers, which Cloover aims to provide.

“Rooftop solar is a cost-effective and obvious solution for homeowners, and Cloover’s technology stack and financing strength provide installers with the fastest possible path to electrifying 200 million homes across the European continent.” – Shawn Xu, partner at Lowercarbon Capital.

A key partner for renewable energy installers

One of Cloover’s partners, 4Panels, a Berlin-based solar installation company, has seen a 26% increase in closed deals and reduced the time from bid submission to closed deals from five weeks to less than two weeks using Cloover’s software and financing options.

This success story highlights the impact of Cloover solutions on the day-to-day operations and long-term development of renewable energy installers.

Looking ahead: a cleaner future for all

Cloover is poised to redefine the renewable energy industry by bridging gaps between stakeholders and leveraging technology and capital to increase access and efficiency.

Cloover offers households cost-effective, comprehensive sustainable technology subscriptions, digitally delivered through partners.

Their plug-and-play technology platform enables partners to leverage technology, data and finance to improve the entire value chain and customer journey.

With built-in financing options, Cloover simplifies sales processes and increases revenues for sustainable home improvement companies.