Hamburg’s 1KOMMA5° has raised a €430 million series B round, and has shot into the coveted a unicorn spot in just 23 months. The round was led by G2VP and Ben Kortlang will join the board as vice chairman.
Commenting on the raise it states, "Our mission is to create a world where everyone can live on wind and sun forever for free. We raised 215 million euros in equity for this mission and thus exceeded our target volume of 150 million euros due to an oversubscription. In addition, we have provided an additional €215 million in the form of buyback options that can be paid as part of the purchase price for new acquisitions. This allows us to invest up to €430 million - in the vertical integration of the value chain and to drive technology development around Heartbeat and our virtual power plant."
The climate tech start-up offers customers a solar panel system installed by professional technicians and used to reduce homeowners’ reliance on the existing energy grid - it removes the hassle of getting photovoltaic systems up and running on residential properties.