This week, our portfolio company Cloover announced three milestones: profitability at a revenue run rate above $350M, a new $100M financing facility bringing total capacity past $1.3B, and the launch of its AI Neo Utility as a fully licensed energy provider.
We went back for more between rounds. We first invested in Cloover's Series A in November 2025. In the months that followed, the team consistently delivered on its plans across, revenue, product, and capital markets.Their execution deepened our conviction, so rather than wait for the next round, we proactively significantly increased our investment.
That’s how we approach follow-on investments. We don’t just invest our pro rata simply because it’s the easy decision. We look closely at performance and concentrate capital behind the companies where we see the strongest results and greatest opportunity ahead.
What Cloover Does
Europe's energy transition runs through millions of individual homes, and roughly 85% of those installations are done by small local installers. They win on trust and craftsmanship, but they lack the tools that decide who closes the sale: financing on a €30-40K project, modern software, purchasing power, and any way to hold the customer relationship once the system is installed. Cloover lets local installers do what they do best, sell and install, while managing the scalable parts of the value chain.
Cloover is their operating system and financing partner, and now extends past the install into energy supply itself.
What Just Happened
→ Profitable at a $350M+ run rate, while growing FAST. The company controls its own timing on every raise from here.
→ $1.3B in financing capacity, backed by a $350M European Investment Fund guarantee. Preserving and growing capital availability is the critical edge for a company in this category.
→ The AI Neo Utility is live. Cloover offers homeowners a dynamic tariff and aggregates the solar, batteries, heat pumps, and EV chargers it finances into virtual power plants, trading that flexibility on intraday markets where prices move every 15 minutes.
→ Top three in European residential energy, with roughly 20,000 installations a year across five markets and the UK, France, and Poland next.
Why We Invested
→ The energy transition is unstoppable, driven by economics. Lithium-ion pack prices hit a record-low $108/kWh in 2025, 93% below 2010, while Germany's household solar fleet has more than doubled since 2020 to 4.1 million systems, eight in ten now paired with a battery.
→ A product and business model that scale, while letting the SME installers own the parts of the value chain they do best, sales and installation.
→ Insane pace of execution, from scaling in its core German solar financing market to expanding to new countries and now the launch of a neo-utility.
Earthshot backs the physical foundation of the AI era and the companies putting that intelligence to work in the real economy: critical minerals, clean energy, efficient computing, AI-native applications, and physical AI. Cloover is solving a massive problem in the clean energy piece of this puzzle, turning millions of homes into financed, optimized, dispatchable energy assets.
Congratulations to Jodok, Peder, Valentin, and the entire Cloover team!
Still Buzzing: Emerald AI
We are still riding the high from Emerald AI's $150M Series A last week.
This week, Emerald AI CEO Varun Sivaram published three principles for making AI data centers good grid citizens. It’s a clear articulation of his vision that data centers don’t have to burden the communities that host them. Built right, they can become the most flexible assets on the grid.
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