Berlin-based Cloover, the AI-native energy platform for residential solar, heat pumps and home electrification, said it has secured a new $100 million facility, taking its total financing capacity to more than $1.3 billion.

“It is underpinned by a $350 million guarantee from the European Investment Fund and pays for energy equipment and installations across Cloover’s markets, which will soon include the UK, France and Poland,” said Cloover.

Cloover also said it has turned profitable three years after launch, at a revenue run rate of more than $350 million.

“Founded in 2023 by Jodok Betschart, Peder Broms and Valentin Gönczy, Cloover began with the bottleneck in the energy transition: distribution,” said Cloover.

“Rather than building a sales force of its own, Cloover built an AI-native operating system for the independent installers who serve around 85% of the market.

“The installers keep their name, their customers and their choice of hardware, and sell everything from solar and heat pumps to energy-efficient renovations, with financing embedded at the point of sale.

“Cloover supplies the financing, the software and now the energy products, and end customers get a decision in under two minutes, pay nothing upfront and can spread the cost over up to 25 years.

“Three years in, Cloover is one of the top three residential energy players in Europe’s largest energy market, and every one of its projects was sold by an independent installer.

“It serves clients in five European markets. Around 20,000 installations a year run through its installer partnerships, and Cloover grows only as they do.”

Co-founder Jodok Betschart said: “We reach households through the installers they already trust, and then we turn each of those homes into a power plant, and each homeowner into a participant in the energy market.

“That is a relationship that lasts for decades, not a single transaction.”