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Cloover, a German software and financing provider for European home energy systems, raised $100 million in debt, CEO Jodok Betschart tells Axios Pro.

Why it matters: The Iran conflict has renewed Europe's interest in home solar, batteries and heat pumps. 

"The geopolitical terms have changed a lot," says Betschart.

Zoom in: Betschart declined to disclose the lender but says the company is now profitable on $350 million in top-line revenue.

It's also become an energy provider, pooling systems into a virtual power plant and using AI to manage services. 

Cloover operates in five markets and plans to expand to the U.K., France and Poland.

How it works: Cloover works with small and medium-sized solar installers, helping them compete with much larger players like Enpal and 1KOMMA5.

Catch up quick: Cloover in January raised $22 million in Series A funding led by MMC Ventures and QED Investors, and concurrently received a $1.2 billion loan led by the European Investment Fund.

Other backers include Lowercarbon Capital, BNVT Capital, Bosch Ventures, Centrotec, and Earthshot Ventures.

The intrigue: The big European installers are struggling, says Betschart, because the local installers have much lower customer acquisition costs.

The market will stay hyper-fragmented and is growing based on the strength of local firms, says Betschart.

What's next: Cloover aims to get to $500 million in top-line revenue by the end of this year and $1 billion by the end of 2027.

Cloover raises $100 million in debt

The Iran conflict has boosted European interest in solar, batteries and heat pumps.

Illustration of rows of solar panels with abstract shapes and money elements.

Cloover, a German software and financing provider for European home energy systems, raised $100 million in debt, CEO Jodok Betschart tells Axios Pro.Why it matters: The Iran conflict has <a class="gtmContentClick" data-vars-link-text="renewed" data-vars-click-url="https://www.theguardian.com/environment/2026/mar/26/octopus-sharp-rise-solar-panel-sales-iran-war" data-vars-content-id="4069251b-a08c-49b2-bd71-bf10f1edf5ae" data-vars-headline="Cloover raises $100 million in debt" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.theguardian.com/environment/2026/mar/26/octopus-sharp-rise-solar-panel-sales-iran-war" target="_blank">renewed</a> Europe&#x27;s interest in home solar, batteries and heat pumps.

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Cloover raises $100 million in debt

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