- By the time three years had passed since it started, Cloover had achieved a revenue run rate of over $350 million.
- The company obtained an additional $100 million in financing, increasing its total capacity to over $1.3 billion.
- Cloover is now concentrating on becoming an AI-native neo-utility, alongside other companies in this field, such as 1KOMMA5° and Enpal.
While most climate technology companies are still working to become profitable, Cloover, a Berlin-based cleantech, achieved profitability within three years. The company now has a revenue run rate exceeding $350 million and maintains strong margins in a field that typically demands significant cash.
The company also increased its financing by $100 million, bringing its total capacity to over $1.3 billion. This was backed by a €300 million guarantee from the European Investment Fund. Previously, in January 2026, Cloover announced a $1.2 billion debt-and-equity package, as Tech Funding News reported.
Germany’s climate fintech sector has been pulling in more VC funding than any other European market for years, and Cloover turning a profit at this scale is the clearest evidence yet of why.
With this funding, the company is entering the UK, France, and Poland, and is transforming from being merely a financing and software platform for installers into what it terms an AI-native neo-utility.
Rare example of profitability in the climate tech sector
At its core, Cloover provides financing and workflow solutions to independent installers, who are responsible for about 85% of the residential solar, heat pump, and home electrification market. The installers enable customers to make quick decisions, avoid upfront costs, and benefit from payment plans that can extend for up to 25 years. Each year, around 20,000 installations are carried out through these partnerships.
“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,” said Jodok Betschart, co-founder and co-CEO of Cloover.
Betschart founded Cloover in 2023 with Peder Broms, now co-CEO and CFO, who has 10 years’ experience in structured and credit finance, and Valentin Gönczy, the company’s chief product officer.
TFN has been keeping an eye on the company since the €7 million pre-seed round in 2023 and the $114 million seed round in 2024. Achieving profitability represents a quick progression: from the pre-seed stage, through the seed stage, to raising $1.2 billion in debt and equity, and then reaching over $350 million in profits within less than three years.
“Everything we do runs on AI, from the underwriting to the way we optimise 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,” added Gönczy.
The neo-utility market is already crowded with competitors
After the systems have been installed, Cloover intends to aggregate the solar panels, batteries, heat pumps, and EV chargers from a number of homes into a single virtual power plant. The total flexibility available will then be sold on the intraday power markets, where prices change every fifteen minutes. Cloover views itself as a new type of utility that does not own any power generation assets but instead earns revenue based on the number of systems it has installed.
Clover’s main competitors already have similar models: 1KOMMA5°, a unicorn company based in Hamburg which is planning its IPO in 2026, operates its own virtual power plant on the Heartbeat AI platform and controls more than 500 megawatts of flexible capacity. Enpal, valued at almost $2.5 billion, also aims to reach 500 megawatts and is expanding its operations into Italy and Spain. Neither of these companies has resorted to using new terminology.
What sets Cloover apart is its distribution model: while 1KOMMA5° and Enpal sell directly to households, Cloover does so via installers and therefore uses a business-to-business model. This approach is why its co-founders referred to the January 2026 funding round as the moment when they were building the Shopify of Energy. It remains an open question whether this focus on B2B will result in a sustainable competitive advantage or slower growth compared to its competitors.
Broms, Cloover’s co-founder, framed that shift as an opportunity rather than a threat: “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.”
The market is genuine and growing rapidly. In 2025, the global virtual power plant market was valued at around $6 billion and is projected to reach $30.9 billion by 2033, representing an annual growth rate of 22.6%, according to Grand View Research.
Given the market’s scale, there is room for more than one successful company, which might be the strongest reason for Cloover to enter a sector already dominated by two competitors.
