Hamburg-based 1KOMMA5°, an energy solutions provider focused on solar power, energy storage, and e-mobility solutions, announced on Wednesday, December 13 that it has secured debt capital from BNP Paribas, Deutsche Bank, and LBBW.
As an initial step, the three banks will provide a total of €52.5M. However, the German company plans to expand this financing line to over €100M as part of a syndicated financing.
The announcement comes a couple of months after raising a double-digit million Euro deal with 2150. Back in June, the German company reached unicorn status after raising €430M in a Series B round.
The company plans to use the funds for growth, and acquisitions and to invest more equity into the technology division. They will further develop and expand the “Heartbeat” software platform with the latest capital infusion.
Heartbeat is the proprietary energy IoT system that delivers centralised intelligent energy management to extract maximum potential for generated electricity.
With this management system, homeowners can optimise their power consumption, increasing their independence from the electricity grid.
Philipp Schröder, co-founder and CEO of 1KOMMA5°, says, “We will use this financing for further growth and acquisitions to get closer to our goal of being able to live off wind and sun for free forever. At the same time, we are consistently investing in technology development and our Heartbeat software. Platform.”
1KOMMA5°: Operates energy software platform
1KOMMA5° was founded in 2021 by Jannik Schall, Micha Grueber, Michael Hinderer, Philip Liesenfeld, Philipp Schröder.
The startup aims to be the one-stop shop for sale, installation, and services related to solar, electricity storage, and charging infrastructure in Europe.
1KOMMA5° invests in top companies operating in the electrical sector, specifically focusing on photovoltaic systems, charging infrastructure, and heat pumps.
In exchange, the German company offers entrepreneurs access to their software solutions, centralised services, bundled purchasing, growth capital, and a reverse shareholding in 1KOMMA5° Holding.
1KOMMA5° is expanding its footprint across Europe. The company recently acquired Viasol, a Danish market leader, and expanded into Spain.
To become the leading cleaner energy provider in Europe, 1KOMMA5° offers clean-energy infrastructure installation services such as solar panels, energy storage, EV wall boxes, and heat pumps.
By pursuing aggressive growth across Europe, 1KOMMA5° targets €500M in revenues in 2023 and aims to achieve €10B by 2030.
The company plans to convert 1.5M buildings to cleaner energy sources by that time to meet the urgent need for scalable solutions that enable millions of private customers to embrace climate technologies.
The company is on a mission to develop a Europe-wide market-leading hardware and software platform capable of converting 500,000 buildings per year to climate-neutral power generation, heat, and mobility.
Currently, 1KOMMA5° operates 68 locations with around 1,700 employees in Germany, Sweden, Finland, Denmark, Italy, Spain and Australia.
Micha Grüber, co-founder and CFO of 1KOMMA5° says, “This financing is an important building block on the way to the capital market and it is a success to have become bankable just 2.5 years after it was founded, based on a highly profitable business.”
Read the orginal article: https://siliconcanals.com/news/startups/1komma5-looks-to-secure-up-to-100m/
