Berlin climate tech company Cloover has secured a €86.2M financing facility and reached profitability, backing its push to turn European homes into virtual power plants.
The new capacity, worth about $100M, brings Cloover’s total financing to more than €1.12B ($1.3B), underpinned by a €350M guarantee from the European Investment Fund. The company also reported a $350M revenue run rate.
Cloover’s model is unusual: it supplies financing, software and energy products to independent installers, who keep their brand and customers while selling everything from solar panels to heat pumps. End customers get a decision in under two minutes, pay nothing upfront, and can spread costs over up to 25 years.
Founded in 2023 by Jodok Betschart, Peder Broms and Valentin Gonczy, the company says it is now one of the top three residential energy players in Germany, runs around 20,000 installations a year, and serves five European markets.
What Cloover calls an AI-native neo-utility pools financed systems into a virtual power plant: a home energy management system runs each house, dynamic tariffs cover supply, and the installed base itself becomes the capacity. It owns no power stations, only the relationship with the roof.
