Europe's climate tech unicorn scores massive US pension fund backing

"We would like to get into an IPO window for 2026 if the market allows it," co-founder and CEO Philipp Schröder told Bloomberg.

The company – specialising in the installation and integration of renewable energy solutions, such as solar panels and energy storage systems – plans to use the fresh capital to expand its energy management software across Europe and Australia, writes Bloomberg.

Rising interest rates

The funding is particularly notable given the current headwinds facing European solar companies, with many battling against rising interest rates and supply chain problems.

While Schröder admitted the company missed its €700 million revenue target for 2024, landing at around €540 million instead, they're already active in six European markets and eyeing software sales growth "in the two-digit million range" for 2025.

Heavyweight investors

The round also attracted other heavyweight investors including climate tech specialist G2 Venture Partners, urban sustainability fund 2150, and impact-focused Norrsken, alongside Hamilton Lane, b2venture AG, Eurazeo SE, and eCAPITAL.

The investment comes at a crucial time for European solar, as Germany – Europe's largest solar market – plans to trim subsidies for solar farms next year, adding extra pressure to an already stressed sector.