19.01.2024
Source: Energy & Management Powernews
The Hamburg-based energy start-up "1KOMMA5°" increased both its turnover and profit and continues to focus on strong growth.
Founded in 2021, the start-up 1Komma5 Grad was able to significantly increase its turnover to around 460 million euros in the last financial year 2023 compared to 206 million euros in 2022, according to preliminary figures. In addition, the Hamburg-based cleantech start-up says it remains profitable "despite investing tens of millions in its own products and software in its second full financial year". Pre-tax profit (EBIT) also rose sharply from 19 million to just under 50 million.
"We use 100% of this amount for the further development of products and software and not for profit withdrawals. Our customers therefore make a decisive contribution to achieving our mission of climate-neutral power generation, heat and mobility," explains Philipp Schröder, CEO and co-founder of 1Komma5Grad. The company was founded by Philipp Schröder, Micha Grüber and Jannik Schall in Hamburg.
Schröder, formerly Head of Germany at Tesla, continues: "To date, we have installed more than 170,000 energy systems for customers. Around 10,000 of the systems are linked to our Heartbeat software and thus directly networked with the electricity market in a separate balancing group. This software and licensing business offers enormous growth potential and we want to increase the number of connected systems to around 40,000 by 2024."
Start-up aims to continue growing strongly
The company's goal is to develop a market-leading hardware and software platform across Europe that is capable of converting 500,000 buildings per year to climate-neutral power generation, heating and mobility. 1Komma5 Grad invests in companies in the electrical sector with a focus on photovoltaics, charging infrastructure and heat pumps. The company currently operates more than 65 locations with around 1,500 employees in Germany, Sweden, Finland, Italy, Denmark, Spain and Australia.
The venture capital consortium consists of BTOV Ventures, eCapital, Porsche Ventures, the French company Eurazeo and Blue Elephant Ventures, among others. Last year, the start-up received a further double-digit million amount from venture capital "2150".
In addition, 1Komma5 Grad secured financing from BNP Paribas, Deutsche Bank and LBBW in mid-December 2023. The three banks are providing a total of 52.5 million euros in the first step, the start-up announced. It plans to expand this financing line to over 100 million euros as part of syndicated financing.
For 2024, 1Komma5 Grad anticipates an increase in turnover to 700 to 750 million euros. Pre-tax profit (EBIT) is expected to rise to more than 70 million euros with a stable margin. The aim is to achieve an annual turnover from hardware and software sales of 10 billion euros by 2030. Since its foundation, the company has raised 340 million euros in equity and a financing line of up to 52.5 million euros and has been debt-free since the end of 2023, according to its own statements.
Author: Heidi Roider
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