Co-Power has completed a seed financing round of €6.4 million. The round was led by Cherry Ventures. Other participants include Abacon Capital, Aurum Impact, Flixfounders, and experienced investors from the energy sector.
Co-Power aims to help European industrial companies overcome the energy cost crisis through affordable, decentralized energy supply. The startup installs solar systems and battery storage directly on its customers’ operating sites – without upfront costs or ongoing expenses for the companies. This is made possible by an energy-as-a-service model in which Co-Power handles financing, installation, and operation.
Goal: Europe’s industrial VPP
With its solution, the startup reduces energy costs for industrial companies by up to 50 percent according to its own statements. At the same time, the systems increase the resilience of locations against electricity price volatility and supply bottlenecks. The batteries can also trade energy between companies and markets, and contribute to grid stabilization.
In the long term, Co-Power plans to build a virtual power plant (VPP) for Europe’s industry. Through this network, sites should share excess energy and flexibilities to achieve the lowest possible prices. With this, the startup aims not only to provide a response to high energy costs, but to give Europe’s industry a new foundation for growth and innovation.
Co-Power is backed by founders Jan Krüger and Kilian Zedelius. Krüger brings experience from project development and energy financing, while Zedelius previously worked in the energy practice at McKinsey. Together, they combine technical know-how with a deep understanding of the economic challenges facing industry.
Co-Power has already launched its first projects across various industries – such as food processing, logistics, and mechanical engineering. The target audience is energy-intensive operations that can benefit from cost-efficient, decentralized electricity supply. With the fresh capital, the young company aims to further scale its model and contribute to the green transformation of European industry.
