German startup Enpal, which supplies green energy tech to consumers, has raised €110m, led by private equity firm TPG.
The round, first reported by Handelsblatt, is the first equity raise for Enpal since 2023. In the meantime, the company had focused on securing debt facilities from banks to finance customers’ purchases. Last year, Enpal secured a €1.1bn debt vehicle from Barclays Europe, Bank of America and Credit Agricole CIB.
In 2024, Enpal broadened its offering beyond solar panels, the product it started out with, to include batteries, heat pumps and smart meters.
A spokesperson for the company said the move back to raising equity was because investors now wished to increase their stakes in the company. TPG had previously backed Enpal in 2023 and was joined in the round by several other existing investors.
The financing will help the company move into new markets, and roll out a new energy trading platform it’s working on, a spokesperson said.
Enpal declined to comment on the valuation the round gives the company.
Last year, Enpal reported a dip in revenues, from €905m in 2023 to €860m last year, Handelsblatt reported. Enpal told Sifted it had seen “strong revenue figures” across the last two months, but declined to give specific figures.
The solar market has seen some significant shifts over the past two years. Customer demand for solar panel installations dipped after 2023, amid high interest rates, inflation and a drop in fossil fuel energy prices.
Founded in 2017, Enpal is part of a growing number of companies in Europe providing energy-saving technology to households. Other startups include 1Komma5, also from Germany, and Aira, a Swedish startup targeting customers in Germany, Italy and the UK.
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