Sweden-based climate fintech Cloover has closed a EUR 7 million pre-seed investment round to leverage embedded finance to connect people to renewable energy. The funding will be used to enhance Cloover's software platform, expand its service offerings, to launch in Germany, and expand across Europe as it aims to deliver renewable energy to one billion people.

Cloover’s officials said they aim to accelerate the adoption of renewable energy by addressing the financing challenges faced by manufacturers, vendors, and customers. Their approach involves enabling 'as-a-Service' product sales and better management of working capital, removing capital constraints and facilitating risk-sharing across the value chain. With recent funding of EUR 7 million, Cloover plans to enhance their tech platform, expanding their industry reach, and move closer to their vision of a more sustainable and equitable future.

Sustainable finance and decentralised energy networks The climate fintech’s unique platform enables vendors of renewable technologies to offer their services as subscriptions, and further to manage their own working capital. This helps individuals and businesses transition to renewable energy and heating in a capital efficient and risk-free way. Cloover makes sustainable finance simpler, faster, and more affordable while bringing renewable energy to every household and business.

From a ‘bigger picture’ perspective, Cloover’s approach enables the company to build a decentralised network of solar, battery storage, EV charging and heating pump assets. These assets will be further used by the company to coordinate support for local communities and the national grid infrastructure across Europe. Speaking about the company’s future ambitions, Cloover’s team said they plan to establish a connected network of independent power providers, driving the decentralisation of energy production and fostering sustainable, resilient communities -- which is of great importance in the current political and economic climate.

By harnessing renewable energy sources at a local level, the plan is to help reduce the overall carbon footprint while creating a more reliable and cost-effective energy ecosystem. More information about Cloover Cloover is a Swedish/Swiss climate Fintech startup based in Berlin and Stockholm with a mission to fight climate change and achieve a Net Zero strategy. The company's unique platform enables vendors of renewable technologies to offer their services as subscriptions, allowing individuals and businesses to install solar, battery storage, EV charging, and heating pump assets and become independent power providers.

Cloover aims to make sustainable finance simpler, faster, and more affordable while bringing renewable energy to every household and business. .