Co-Power Raises €6.4 Million to Expand Virtual Power Plants

In a significant development for the European cleantech sector, Munich-based startup Co-Power has secured €6.4 million in a seed financing round to fuel its ambition of creating a Europe-wide virtual power plant. The investment round was spearheaded by Cherry Ventures, alongside notable participants including Abacon Capital and Aurum Impact. The company equips businesses with solar panels and battery systems at no initial cost, sharing in the energy savings and trading excess power generated during peak demand. Co-Power seeks to address rising energy costs, supply security, and grid stability challenges in Europe. Taylor Wessing, a law firm with expertise in venture capital and technology markets, provided legal counsel to Cherry Ventures for the transaction. Dr. Norman Rchert led the team, ensuring robust legal structuring for the deal. Co-Power's solution involves cost-effective energy management and generation, aiming to transform energy-consuming companies into energy producers. Cherry Ventures, known for its investment in early-stage start-ups, continues to expand its influence across the European venture capital landscape.