Cloover, a German startup, has secured $114 million in funding spearheaded by Lowercarbon Capital to let smaller installers offer comprehensive renewable energy solutions. The cash will help to expand into new markets and improve technology.
Cloover, a German climate technology business, raised $114 million in debt and equity in a seed investment round headed by Chris Sacca’s Lowercarbon Capital, Cloover’s co-CEO told Reuters.
The company’s technology enables smaller enterprises, which account for the majority of renewables installations in Europe, to access to other areas of the value chain, allowing them to follow consumers, give financing, and sell numerous items at once.
A regional installer, for example, could utilize the Cloover system to provide consumers with solar panels, energy storage, a heat pump, and financing all in one package, as well as demonstrate the potential impact on their bills after accounting for any green energy credits.
“The mass market customer would like to have a worry-free solution where they simply pay less per month than they did previously, and with what we offer now, any smaller installer can offer that package,” said Jodok Betschart, Cloover’s co-founder and CEO.
Following initial success in Germany, Switzerland, Sweden, and the Netherlands, Betschart said the company plans to expand into markets such as Spain, France, and the United Kingdom. Other participants in the round include 9900 Capital and QED.
Betschart explained that the funds raised would be used to fund further installations, upgrade technology, expand the distribution network, and build out the team.
Smaller installers are frequently unable to provide financing, forcing their consumers to rely on loans from traditional banks that may not fully comprehend the financial benefits of renewable energy installation, according to Betschart.
Cloover, in addition to providing finance from numerous capital sources, offers funding to a broader range of clients than banks, in part because it incorporates savings from lower costs into a more thorough screening process, he added.
Cloover has already made great progress in the renewable energy sector, with several hundred partners across Europe and a sales funnel that exceeds $3 billion. Pedram Ghassim, owner of Berlin-based solar installation company 4Panels, praises Cloover’s impact: “Since our company uses Cloover’s software and financing options, we have seen a 26% increase in closed deals, while we were able to reduce offers sent to closed deals from five weeks to less than two weeks.” Cloover is critical to the success of our everyday operations and long-term growth.
