Cloover reached profitability three years after launch, with a revenue run rate above $350 million, while expanding its financing capacity to over $1.3 billion and launching an AI-native energy model designed to turn connected homes into distributed energy assets.
The Berlin-based company also secured an additional $100 million financing facility. Its financing capacity is underpinned by a $350 million guarantee from the European Investment Fund and supports energy equipment and installations across Cloover’s European markets.
Cloover is also expanding geographically, with new offices planned in the UK, France and Poland.
Founded in 2023 by Jodok Betschart, Peder Broms and Valentin Gönczy, Cloover provides an AI-native platform for residential solar, heat pumps and home electrification.
Rather than building its own direct sales organization, Cloover works with independent installers that the company says serve approximately 85% of the market.
Installers retain their brands, customers and choice of hardware while using Cloover’s platform to embed financing into the point of sale. Customers can receive financing decisions in under two minutes, pay nothing upfront and spread costs across terms of up to 25 years.
Around 20,000 installations annually currently flow through Cloover’s installer partnerships across five European markets.
The company’s next phase extends beyond financing and software into energy management.
Through Cloover Energy, the company combines home energy management, dynamic and fixed electricity tariffs and a virtual power plant that aggregates solar systems, batteries, heat pumps and EV chargers.
Cloover’s AI models forecast electricity generation and consumption at the household level and optimize storage and flexible loads within parameters established by homeowners.
When aggregated across thousands of homes, the systems can provide flexibility to the broader electricity market through power exports, consumption shifting and intraday energy trading.
Cloover describes this model as an AI-native neo-utility, with the installed base of distributed household energy systems effectively serving as the platform’s generation and flexibility capacity.
The company believes the model could become increasingly important as electricity demand grows and European markets restructure residential solar subsidies and feed-in tariff programs.
KEY QUOTES:
“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.”
Jodok Betschart, Co-Founder of Cloover
“Everything we do runs on AI, from the underwriting to the way we optimize energy in each home. The incumbents are adding AI to systems built decades ago. We can do in seconds what takes them days, and the gap widens as we scale.”
Valentin Gönczy, Co-Founder of Cloover
“The hardware for the energy transition already works. What has been missing is a company that makes it affordable, reaches people through the installer they know, and turns their homes into a real energy business. That is the neo-utility we are building.”
Peder Broms, Co-Founder of Cloover
