Munich-based cleantech start-up Co-Power, which supports companies in setting up virtual power plants through the free use of solar and battery systems, has raised €6.4 million in a seed financing round. The round was led by Cherry Ventures, with other participants including Abacon Capital and Aurum Impact, as well as experienced energy experts.

A Taylor Wessing team led by Dr Norman Röchert, partner in the Berlin office and specialist in venture capital transactions in technology-driven markets, provided comprehensive legal advice to Cherry Ventures on the transaction.

Co-Power equips companies with solar panels and battery storage systems free of charge and shares the resulting energy cost savings with its customers. In addition, surplus energy is traded, enabling companies to become profitable power plants themselves during peak load times.
In the long term, Co-Power aims to establish a Europe-wide virtual power plant (VPP) – a networked system of decentralised energy storage and generation facilities that actively exploits market volatility. In doing so, the company is addressing some of the biggest challenges facing European industry: energy costs, security of supply and grid stability.

 

About Cherry Ventures

Cherry Ventures is a European early-stage venture capital firm founded in 2012 and based in Berlin, London and Stockholm. The VC investor currently supports a portfolio of over 100 active start-ups across Europe, complemented by a strong network of leading European entrepreneurs, including the minds behind Dropbox, N26, Skype, Wolt, Supercell and Doordash.

 

Legal advisors to Cherry Ventures

Taylor Wessing Germany: Dr Norman Röchert (partner), Dr Armin Bartsch (salary partner), Jasmin Bechtold (associate), Felix Paul (professional support lawyer), all Corporate Technology/Growth VC, Berlin; Dr. Gregor Schmid (partner), Caroline Bunz (associate), both IP/IT, Berlin; Nico Jänicke (partner), Kübra Inan (associate), both Employment, Pensions & Mobility, Berlin