Enpal Secures €150 M from SoftBank to Battle Climate Crisis

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Just weeks before world leaders gather at the UN Climate Change Conference (COP26) in Glasgow in November to discuss measures to address the climate crisis, German solar start-up, Enpal, has announced that it has closed a EUR 150 million($174 million)  investment from SoftBank Vision Fund 2. The firm uses uses AI for provisioning and installing services, and then a monthly subscription-style model for homeowners to pay for it. Much like the RESCO model, or even Solar as a Service, one might say.

The investment concludes Enpal’s Series C financing round. The company recently raised EUR 100 million from prominent investors, among others HV Capital and SolarCity co-founder Peter Rive. Founded in 2017, Enpal claims to have become a market leader in residential rooftop solar in Germany with over 10,000 customers. The new announcement marks another strong sign that investors are joining the fight against the climate crisis, said the company.

“The fight against climate change is one of the biggest challenges of humankind, and truly our moonshot mission”, said Enpal founder Mario Kohle. “Our dream is to bring a solar system on every roof, battery storage into every home, an electric car in front of every door, and to connect all people from all walks of life to a sustainable community. We are excited and humbled to have SoftBank Vision Fund 2 on board and supporting our mission to make clean energy easy, affordable, and accessible for everyone.”

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“Rising electricity prices and increasing demand mean renewable energy adoption is rapidly becoming mainstream,” said Yanni Pipilis, Managing Partner for SoftBank Investment Advisers. “We believe Enpal offers customers an all-in-one solar solution, lowering the barriers to entry for consumers. It’s great to be working with Mario and the Enpal team to make more households energy independent.”

Last month, Enpal secured debt commitments of €275 million from internationally leading investors BlackRock, Pricoa Private Capital (the private capital business of PGIM), and UniCredit to accelerate the development of solar energy in Germany. In addition, further institutional commitments of €70 million were signed in the form of a subordinated mezzanine loan.

For now, the firm plans to continue expanding in Germany, before eventually looking beyond its home markets.

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