Berlin-based photovoltaic systems provider Enpal has raised €215 million in a Series D funding round. The announcement arrives in less than one month since the company announced a hefty injection of €855 million in debt funding. In total, Enpal has now raised just shy of €2 billion in equity and debt funding since 2017.
The newest ground of growth capital is aimed at helping the profitable company add new products to its lineup as it expands into new markets and further develops its overall smart energy platform.
PG Rise Climate led the round with Westly Group (and early backer of Tesla) and Activate Capital participating and joining existing investors including HV Capital (with support from the European Investment Bank), SoftBank Vision Fund II Capital, Princeville Climate Technology, as they increased their stakes in the company.
“Fighting climate change is the greatest challenge of the 21st century”, said Enpal founder and CEO Mario Kohle. “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.”
If you haven’t been playing along at home, Enpal offers a photovoltaic (solar) panel rental programme that lasts 20 years and includes all installation, maintenance, and repair costs. At a flat fee of €49/month, this often works out to less than a standard electricity tariff. Photovoltaic systems have an average lifespan of 30 to 40 years, and historically, at the end of the contract, Enpal subscribers can purchase the entire system for a symbolic €1.
“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 €855 million 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,” commented Enpal co-founder and Chief Investment Officer Viktor Wingert. “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.”
Lead Image: Karsten Würth