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October 20, 2023

Cloover, Renewable Energy Access with €7 Million in Pre-Seed Funding

Berlin's Cloover raises €7 million to revolutionize renewable energy subscription services

In the heart of Berlin, a climate fintech startup named Cloover is igniting a renewable energy revolution. Backed by a €7 million pre-seed funding round, the company is poised to democratize clean energy access across Europe and beyond. The investment, comprising both equity and debt financing, comes from a formidable lineup of backers, including 9900 Capital (formerly investors in the Gates Foundation and Hedosophia), QED Investors (known for supporting Remedial Health and Carmoola), Broadhaven Ventures, Index Ventures’ Scout Fund, Centrotec, along with notable climate and fintech angels.

Cloover's vision is to serve as the "Netflix of renewable energy," and they are well on their way to achieving it. Founded by industry experts Peder Broms, Jodok Betschart, Tony Kirmo, and Valentin Gönzcy, Cloover's mission is to make renewable energy more accessible and affordable to everyone. The platform facilitates the transition to renewable energy and heating, offering a capital-efficient and risk-free pathway. In doing so, Cloover simplifies sustainable finance, making it faster and more affordable, all while delivering renewable energy to homes and businesses.

But how does Cloover intend to turn this vision into reality? Their innovative approach establishes a decentralized network of assets, including solar panels, battery storage, EV charging stations, and heating pumps. These assets not only power local communities but also provide crucial support to the national grid infrastructure across Europe.

Peder Broms, Co-CEO of Cloover, explains the critical role of financial access in renewable energy adoption, stating, "Renewable energy technology is at the core of achieving Net Zero. But the technology is capital-intensive and complex, which has made access to financing a key challenge for manufacturers, vendors, and end customers. This is slowing down the adoption of renewable energy."

By offering a 'products-as-a-service' model and effectively managing working capital, Cloover alleviates capital constraints, thus making sustainable finance accessible to a broader audience.

Jodok Betschart, Co-CEO & Founder, adds, "We are thrilled to have the support and backing of experienced climate and fintech investors, who share our passion for using innovative financial technology services to speed up the energy transition and make a meaningful impact on climate change. Their investment is a vote of confidence in our business model and our vision of connecting one billion people to renewable energy."

With a focus on decentralization and local energy production, Cloover's ambitions extend far beyond mere profitability. Jodok Betschart notes, "We plan to establish a connected network of independent power providers, driving the decentralization of energy production and fostering sustainable, resilient communities. By harnessing renewable energy sources at a local level, the plan is to help reduce the overall carbon footprint while creating a more reliable and cost-effective energy ecosystem."

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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