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

Cloover, a Berlin-based startup, raises a $114 million seed round to develop its operating system for the renewable energy industry. The company connects all relevant stakeholders in the energy transition – installers, prosumers, manufacturers, energy suppliers and investors – through its software, finance and energy solutions. The round is led by Lowercarbon Capital, founded by renowned venture capitalist Chris Sacca, with participation from existing investors 9900 Capital and QED. This oversubscribed round highlights the team’s dynamism and investor confidence in the business model, even in the face of economic challenges.

“Clover’s vision is to dismantle the silos between key stakeholders necessary for a successful energy transition. By streamlining the sales process for installers, managing payment and financing flows, sourcing necessary materials, and overseeing energy production and consumption for individuals, Cloover connects the dots and leverages synergies across the entire value chain. states Jodok Betschart, co-founder and CEO of Cloover.

Cloover’s founding team consists of industry veterans, including Jodok Betschart (Co-CEO), an experienced technology entrepreneur, Peder Broms (Co-CEO and CFO) with over a decade of experience in structured finance, and Valentin Göncza (CPO), an experienced expert SaaS responsible for leading software development at Cloover.

With the new capital, Cloover will intensify the development of its installation software and further strengthen its sales, payment and financing offerings. “The prevailing industry approach closely guards innovation, enabling larger companies to improve their operations and grow. However, to achieve Net Zero, there is no time to delay progress, as over 85% of all installations are still performed by small and medium-sized business installers. Our software provides this target group with the same advanced digital tools that large players have long had at their disposal, enabling them to compete on a level playing field and accelerating the adoption of sustainable energy.” states Valentin Gönczy, co-founder and CPO of Cloover, emphasizing the strategic focus on leveling the playing field.

Peder Broms, co-founder and CEO, adds: “We are introducing renewable energy sources to the rest of the mass market in Europe. This means 160 million households are still left behind. By combining our proprietary consumer energy savings data with multiple sources of capital, we are able to expand financing to households that previously did not have access to these assets. Moreover, through our platform, Cloovers partners can unlock working capital for their operations, enabling even faster implementation of renewable energy sources in Europe.

To achieve the EU target of 42.5% of energy produced from renewable sources in 2030, investments worth EUR 800 billion per year are needed, but to date only half of this amount has been achieved. The residential renewables sector has grown by 20% annually over the past decade, driven by higher energy prices, greater electrification and consumer awareness. Installers have increased their efforts to meet demand, but to reach the remaining 80% of households, installers will need new tools, 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.

With several hundred partners across Europe with revenues exceeding $3 billion, Cloover has already demonstrated significant presence in the renewable energy sector. This achievement is confirmed by the experience of its partners, such as 4Panels, a Berlin-based photovoltaic installation company. “Because our company uses Cloovers software and financing options, we have seen a 26% increase in closed deals while we have been able to reduce offers sent to closed deals from five weeks to less than two weeks. For us, Cloover is a key pillar to the success of our day-to-day operations and long-term growth. Pedram Ghassim, owner of the Berlin company dealing with photovoltaic installations 4Panels.

Looking to the future, Cloover aims to redefine the industry landscape by aiming to connect 1 billion people to renewable energy. Their strategy focuses on bridging gaps between stakeholders and leveraging technology and capital to increase access and efficiency. Committed to sustainability and excellence, Cloover aims to exceed the EU’s ambitious renewable energy targets, paving the way to a cleaner future for all.