Cloover turns profitable at $350M revenue run rate and secures $100M financing facility

Energy platform Cloover has become profitable three years after its launch, generating more than $350 million in revenue. The company has secured a $100 million financing facility, bringing its total financing capacity to over $1.3 billion. Financed by a $350 million guarantee from the European Investment Fund, Cloover provides financing, software, and energy products for home electrification solutions including solar, heat pumps, and energy-efficient renovations.

By partnering with independent installers, Cloover reaches around 85% of the market and simplifies the process for households, eliminating the upfront costs, paperwork, and fragmented financing. The AI-driven operating system automates energy management, enabling households to become participants in the energy market and contribute to a virtual power plant.

Cloover's models forecast generation and consumption, optimizing energy usage based on each household's preferences and the grid's needs. This AI-native neo-utility model allows Cloover to forecast and schedule storage and flexible loads, ultimately earning money through various means such as selling power back to the grid, shifting consumption to lower grid fees, and participating in the intraday market.