Munich-based startup Co-Power, a developer of decentralized energy infrastructure for European industry, has successfully raised €6.4 million in seed funding. The round was led by Cherry Ventures, with participation from several notable investors including Abacon Capital, Aurum Impact, Flixbus founders, former Encavis CEO Dierk Paskert, DZ4 Founder Tobias Schütt, and Constantin Eis (former CEO of LichtBlick and current CEO of CMBlue). This investment will significantly accelerate the deployment of Co-Power's large-scale battery storage and solar PV systems across Europe.
Co-Power's innovative approach focuses on installing and operating on-site battery storage and solar PV systems for industrial clients, eliminating upfront investment and running costs. The company reports cost reductions of up to 50% for its clients, a significant advantage in the current volatile energy market. Their technology addresses the challenges of fluctuating renewable energy sources by providing stable, affordable power.
The funding will be used to expand Co-Power's energy systems rollout and launch its industrial Virtual Power Plant (VPP). This VPP will create a network of decentralized clean energy systems, enhancing resilience and transforming energy from a cost factor into a strategic advantage for industrial companies. Co-Power aims to become a leading provider of industrial VPPs in Europe, addressing the high energy costs currently impacting European businesses.
