Overview
- Cloover announced on Tuesday that it raised a $100 million credit facility, taking its total financing capacity to more than $1.3 billion and citing guarantees from the European Investment Fund.
- The Berlin-based firm says it is profitable and runs at about a $350 million revenue run rate after rapid growth since its 2023 founding.
- Cloover is expanding into the UK, France and Poland as it scales its business-to-business model that supplies finance and workflow software to independent SME installers.
- The company is rolling out an AI-native energy-management product that helps households shift consumption, sell spare power back to the grid, and aggregates home assets into virtual power plants to monetise flexibility on intraday markets.
- The move targets a large private funding gap for residential energy upgrades and competes with direct-to-consumer neo-utilities, with EIF guarantees used to lower lending risk for harder-to-lend homeowners.