A new financing round gives Enpal a valuation boost. The solar equipment rental company received a cash injection of 215 million euros from existing shareholders and new investors, the company announced on Monday. Among others, the major US financial investor TPG, one of the world’s leading investors in renewable energies and climate technologies, has joined as a backer. With the Westly Group and Activate Capital, two further leading climate investors have come on board. Existing investors such as HV Capital, Softbank and Princeville Climate Tech also participated in the Series D. This comes just weeks after the company completed an additional €855 million refinancing. Initially, the „Wall Street Journal“ had reported on the deal. It values Enpal at 2.25 billion euros, the paper quoted insiders as saying. More than twice as much as in the October 2021 financing round.
Enpal has grown rapidly since its founding in 2017 and has achieved the status of a „unicorn“. In fact, it is Germany’s first and fastest growing cleantech unicorn, serving around 30,000 customers with its all-in-one solar energy solution and continuously exceeding its growth projections. As a result, Enpal has quadrupled its revenue to more than €400 million in 2022, chief financial officer Jochen Cassel said, while also moving the company into profit. The additional capital will enable Enpal to continue its profitable growth plan, expand into new markets and further develop its own award-winning smart energy platform.
„As fossil fuel prices remain high and governments take action to accelerate the energy transition, we continue to believe in the importance of decarbonising homes across Europe,“ Edward Beckley, a partner at TPG, said in a statement.
A survey by the German Solar Industry Association (BSW) in December showed that three quarters of homeowners in Germany would consider installing a solar system on their roof and one in five plan to do so in the next 12 months. The BSW estimates that the number of newly installed solar systems in Germany rose by around 30 % last year.