Virtual power plant unicorn 1KOMMA5° doubles its revenue

1KOMMA5° software forms a virtual power plant by linking customers' photovoltaics, electricity storage, heat pumps, and charge points, boosting profitability in energy markets.
Virtual power plant unicorn 1KOMMA5° doubles its revenue

This week sees energy platform operator 1KOMMA5° announce its preliminary business figures for 2023. 

Hamburg company 1KOMMA5° is the provider of the "Heartbeat" energy software platform and creates a virtual power plant that pools and connects customers' photovoltaics, electricity storage, heat pumps and charge points to the energy markets to increase the profitability of connected energy systems. 

The company also offers customers a one-stop-shop for the purchase and installation. By using Heartbeat, 1KOMMA5° guarantees customers 60 percent cheaper electricity than any other supplier for operating heat pumps, electricity storage systems and electric cars.

Acquisition for internationalisation

1KOMMA5° acquires leading companies in the electrical sector with a particular focus on photovoltaic systems, charging infrastructure and heat pumps, and in return, offers the entrepreneurs the use of its own software solutions, centralised services, bundled purchasing, growth capital and a reverse shareholding in 1KOMMA5° Holding. 

It aims 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. 

The company became a unicorn after just 23 months in operation

According to the company, revenue more than doubled by 122 percent to around €460 million in 2023 compared to €206 million in 2022.

This profitability is despite investing a double-digit million Euro sum in its own products and software. 
Operational profit (EBIT) doubled from €19 to almost €50 million in one year.

Philipp Schröder, CEO and co-founder of 1KOMMA5°, detailed:

"We will use 100 percent of this amount for the further development of our products and software and not-for-profit withdrawals. 

Therefore, our customers make a decisive contribution to achieving our climate-neutral power generation, heat and mobility mission.

In the last two years, we have grown by a factor of 20, have increased our turnover and profit constantly and are highly profitable and bankable just 2.5 years after the company was founded." 

In 2024, 1KOMMA5° expects to increase its revenue to between 700 and €750 million and aims to achieve an annual revenue of €10 billion from hardware and software sales in 2030. 

Since its foundation, the company has raised €340 million in equity, a financing line of up to €52.5 million and was debt-free by the end of 2023.

To date, the company has installed over 170,000 energy systems, with around 10,000 of the systems connected to its Heartbeat software. It aims  to increase the number of connected systems to approximately 40,000 in 2024.

Currently, 1KOMMA5° operates over 72 sites with around 1,900 employees in Germany, Sweden, Finland, Denmark, Spain, Netherlands and Australia.

Lead image: Philipp Schröder, CEO and co-founder of 1KOMMA5°. Photo: uncredited.

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