Cloover Raises €7M to Expand Renewable Energy Service

Published 7 months ago

Berlin-based climate fintech Cloover has secured €7 million in pre-seed funding. The company enables renewable energy tech vendors to deliver their services on a subscription basis. The funding is split into equity and debt financing and comes from 9900 Capital, QED Investors, Broadhaven Ventures, Index Ventures’ Scout Fund and Centrotec, with additional participation from notable climate and fintech angels.

Expanding the ‘Netflix of Renewable Energy’

Cloover plans to use the investment to enhance its software platform and expand its service offerings. The company aims to launch in Germany and expand across Europe, with the goal of delivering renewable energy to one billion people.

Founded by Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönzcy, Cloover’s mission is to make renewable energy more accessible and affordable. Its platform assists individuals and businesses in transitioning to renewable energy and heating efficiently and risk-free.

Building Decentralised Renewable Energy Networks

Cloover’s strategy includes the creation of a decentralised network of solar, battery storage, EV charging, and heating pump assets. These resources are intended to support local communities and the national grid infrastructure across Europe.

Co-CEO of Cloover, Peder Broms, highlighted the importance of renewable energy technology in achieving Net Zero, but noted that access to financing remains a key challenge for manufacturers, vendors, and customers. Cloover addresses this problem by enabling all parties in the value chain to sell products ‘as-a-service’ and better manage their working capital.

Reducing Carbon Footprint and Creating Resilient Communities

Jodok Betschart, Co-CEO & Founder of Cloover, expressed excitement about the support from experienced climate and fintech investors. The investment is seen as a vote of confidence in the company’s business model and vision. Betschart outlined the company’s future ambitions, which include establishing a connected network of independent power providers and reducing the overall carbon footprint by harnessing renewable energy sources at a local level.