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(Bloomberg) — The California State Teachers’ Retirement System, along with several other US and European funds, is leading a €150 million ($156 million) financing round for German solar startup 1Komma5°, bringing it closer to a goal of holding an initial public offering.
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Other investors include G2 Venture Partners, 2150, Norrsken, Hamilton Lane Inc., b2venture AG, Eurazeo SE, eCAPITAL, and additional existing shareholders, the Hamburg-based company said in a statement.
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While European solar companies are under massive strain, installers and home electrification solutions like 1Komma5° have seen steady growth.
“We would like to get into an IPO window for 2026 if the market allows it,” Chief Executive Officer Philipp Schröder said.
The company now wants to use the funding to roll out its energy management software across Europe and Australia, allowing users to purchase electricity at the spot market when prices are lowest and sell excess electricity back to the grid when prices are highest. Apart from Germany, it’s also active in five European markets.
1Komma5° had revenue of around €540 million this year, missing its initial goal of €700 million, Schröder said. He added that for 2025, it plans to add sales in the the two-digit million range with its software.
Also see: Solar Firm Collapse Reverberates Through Danish Financial System
The European solar industry has been battered by higher interest rates, supply chain issues and higher input costs. Germany also plans to slightly cut subsidies for solar farms next year.
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