Berlin-based Enpal, one of the fastest-growing companies in Europe’s energy sector at the moment, has just revealed it is set to pick up an additional €215 million in growth financing. The startup is certainly making an impact, helping create a more sustainable energy future for Europe and positively impacting the planet as a result.
As the new year rolls in, it’s a time to reflect and consider the changes we can make for the better – changes in approaches and perspectives that can have more positive impacts on our lives and society. One major thing we all need to reflect on, and something we are increasingly considering, is the climate crisis.
In 2022, the gravity of the escalating crisis came to a pinnacle as the energy system across the continent came under never-seen-before pressure and the reality of the fragility of our society came to light. Now, across the continent, the urgency of transitioning to more stable, more dependable and more planet-positive energy alternatives has reached an all-time high.
Renewable energy sources are the future – there can be no doubt about that – and there is a range of options available. The challenge is to make access to these sources available to everyone across the continent and to do so fast and without friction.
Berlin-based Enpal aims to help achieve this, accelerating the energy transition with accessible solar technology. It was Germany’s first ‘green’ unicorn and has already gotten the backing of the stars of the climate action space, including Leonardo DiCaprio. Now, the startup has secured an additional cash investment, getting 2023 off to a bright start.
Enpal founder and CEO Mario Kohle: “Fighting climate change is the greatest challenge of the 21st century. We want to help tackle this global issue by putting solar panels on every roof, a battery into every home, and an electric vehicle with a charger in front of every door. We are thrilled to have high-profile global cleantech investors on board to support our mission to make clean energy simple, affordable, and accessible for every household. By joining forces, we can multiply our efforts to reduce carbon emissions and we will pave the way towards a more sustainable society.”
Funding details
- €215 million raised in growth capital as part of a Series D funding round
- It was led by TPG Rise Climate with Westly Group and Activate Capital, two additional major climate investors coming on board. Existing investors such as HV Capital (with support from the European Investment Bank), SoftBank Vision Fund II Capital, Princeville Climate Technology, also participated, once again increasing their commitments.
- It comes just weeks after an €855 million raise
Edward Beckley, Partner at TPG and Senior member of the TPG Rise Climate investing team, said: “Enpal’s success and rapid growth in Germany – Europe’s largest residential solar market – puts the company in a great position to grow into new markets, products and services and establish itself as the leading player in the sector. As fossil fuel prices remain elevated and governments enact policy to accelerate the energy transition, we continue to believe in the importance of home decarbonization across Europe. We are delighted to partner with Enpal to bring their user-friendly, end-to-end solution to more homes across Germany and broader Europe.”
Founded in 2017, Enpal, led by Mario Kohle, has the vision to make it easier for homeowners to switch to solar energy. It offers a complete package consisting of a solar system, energy storage, its own green electricity tariff and a smart home environment on a subscription basis.
Enpal offers the first integrated package for a climate-neutral home including PV systems, energy storage, EV chargers, green electricity tariffs and smart energy managers. What’s more, the company rents out the systems which democratise access to solar energy, taking away often sky-high upfront costs, and also provides an all-inclusive care-free package.
Viktor Wingert, Co-founder and Chief Investment Officer of Enpal, said: “Building the largest renewable community is the challenge of our lifetime. We require strong investors and financing partners to continue our path. This latest funding round, in addition to the recently secured 855m EUR in refinancing by Blackrock Alternatives, ING, Pricoa Private Capital, Unicredit and Infranity, puts us in a unique position to grow faster and stronger in 2023 and beyond. Winning the trust of such high-caliber partners in a challenging macroeconomic environment leaves us very humble, but more eager than ever to deliver on our vision.”
We chatted with Mario Kohle, the founder and CEO, in 2022 to learn about how he has grown the firm to one of Europe’s fastest-growing energy companies in Europe. Back then, he told us to dare to dream big – and it looks like the company are certainly doing that. It currently counts about 30k customers, installing over 2000 solar energy systems per month.
Steve Westly, founder and managing partner of Westly Group: “Clean energy has been front and centre of everything we do at Westly Group from day one, and we strongly believe in Enpal’s vision to connect humankind to become a renewable community. We are proud to partner with Enpal on the mission to make renewable energy easy, accessible, and affordable for everyone, and fight the climate crisis on a global scale.”
The additional growth capital will allow Enpal to add new products, expand to new markets and further develop Enpal’s multi-awarded smart energy platform. . By responding to the increased customer demand and expanding beyond the German market, Enpal aims to fulfil their vision of creating a global renewable-energy community.
Enpal closed 2022 with over €400 million in revenue. This funding reflects another major milestone and sets the company on track to continue growing profitably whilst delivering a tangible positive impact for European consumers.
Jochen Cassel, Chief Financial Officer of Enpal, said: “Enpal has just finished an incredible year: We have successfully quadrupled our growth while for the first time delivering a healthy profit. We are now in full control to continue our growth trajectory, become cash flow positive, and further invest into our customers and products.”
