Cloover secures $100m financing facility for home-energy installations
The additional debt facility will finance equipment and residential installations as Cloover reports profitability and a $350m revenue run rate.
Financing the equipment behind electrification
Cloover combines installer software, point-of-sale financing and energy products for residential solar, heat pumps and other home-electrification systems. Installers use the platform to organize projects and financing, while the company pools financed installations into a virtual power plant that can connect distributed equipment to energy markets.
The company secured an additional $100 million financing facility to fund equipment and residential installations across its markets. Tech.eu reported Cloover had turned profitable at a revenue run rate above $350 million and was completing about 20,000 installations a year across five European markets, putting the facility behind an operating business that needs capital to keep projects moving.
Use of funds
Finance energy equipment and residential installations across Cloover’s markets