Stockholm-based climate fintech Cloover secures €7m for renewable energy solutions

Stockholm-based climate fintech Cloover secures €7m for renewable energy solutions

Published: 18-10-2023 13:03:00 | By: Pie Kamau | hits: 4339 | Tags:

Cloover, the climate fintech that enables vendors of renewable energy technologies to seamlessly offer financing options for their customers, has closed an oversubscribed €7 million pre-seed investment round. The €7m investment was led by 9900 Capital (former Gates Foundation and Hedosophia investors), with participation from QED, Broadhaven Ventures, Index Ventures' Scout Fund and Centrotec, together with prominent climate and fintech angels.

The funding will be used to enhance Cloover's software platform, expand its service offerings, to launch in Germany and Netherlands, and expand across Europe as it aims to deliver renewable energy to one billion people. 

Peder Broms, Co-founder and CEO, Cloover: ''Renewable energy technologies are at the core of achieving Net Zero. But these technologies are 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. We address this by enabling all parties in the value chain to sell with embedded financing, and improve working capital for all. By removing capital constraints and enabling risk-sharing across the value chain we can deliver on our mission: making sustainable finance simpler, faster and more affordable.''

Jodok Betschart, Co-founder and CEO, Cloover: "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. The funding will enable us to further develop our tech platform and reach a larger share of the industry with our products. This will drive us closer to our goal of creating a greener and more equitable world of tomorrow." 

Cloover's unique platform enables vendors of renewable technologies to offer the best financing options for their customers, and further to manage their own working capital. This helps individuals and businesses transition to renewable energy and heating in a capital efficient and risk-free way. From a ‘bigger picture’ perspective, Cloover’s approach enables the company to build a decentralised network of solar, battery storage, EV charging and heating pump assets. These assets will be further used by the company to coordinate support for local communities and the national grid infrastructure across Europe.

Jodok Betschart, Co-founder and CEO, Cloover: ''We plan to establish a connected network of independent power providers, driving the decentralisation of energy production and fostering sustainable, resilient communities -- which is of great importance in the current political and economic climate. 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.''