- Companies
- Enpal
Enpal Revenue, Valuation, Funding & Investors
Enpal is valued at $2.5B as of April 2025.
Last Enpal valuation
$2.5B
Undisclosed stage · Apr 2025
Last Enpal funding round
$125M
Undisclosed stage · Apr 2025
Enpal revenue
$1B
Series C · Oct 2021
Key investors in Enpal
SoftBank Group
TPG
HV Capital
The Westly Group
Activate Capital Partners
Heliad
About Enpal
Enpal is a Berlin-based provider of comprehensive renewable energy solutions including solar panels, batteries, wallboxes, heat pumps, and energy management systems. The company offers 20-year lease models with no upfront costs, covering installation, maintenance, and insurance for residential customers in Germany and Italy. Recognized as Germany's market leader in solar installations, Enpal operates over 200 installer teams and a dedicated training center near Berlin.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$1B (Oct 2021)
Valuation
$2.5B (Apr 2025)
Enpal Valuation
Enpal is currently valued at $2.5B, based on its undisclosed-stage round in April 2025.
The $125M round was led by TPG, with participation from SoftBank Group.
Enpal's valuation has grown 3.0x from $831M at its Series C in July 2021 to $2.5B in April 2025, across 4 priced rounds.
Enpal valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2025 | Undisclosed stage | $2.5B | - |
| Jan 2023 | Series D | $2.4B | - |
| Oct 2021 | Series C | $1.1B | 1.0x |
| Jul 2021 | Series C | $831M | - |
Enpal Revenue
Enpal's latest recorded revenue is $1B, as of its Series C in October 2021. At a $1.1B valuation, that implies a 1.0x revenue multiple.
Enpal revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $1B | $1.1B | 1.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Enpal Funding History
Enpal has raised a total of $650M across 4 funding rounds.
Enpal's first fundraising round was a $119M Series C in July 2021. The most recent completed round was a $125M undisclosed-stage round in April 2025.
Enpal funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Undisclosed stage | TPG (lead); SoftBank Group | $125M | $2.5B | Enpal, a German greentech company founded in 2017, provides leasing of solar panels, batteries, heat pumps, and smart meters to households, expanding into a full home energy platform including a virtual power plant and energy trading capabilities. The €110 million equity round on April 7, 2025, was led by TPG Rise Climate with participation from The Westly Group, Ontario Power Generation Pension Fund, a leading European insurance group, and other existing investors; it was oversubscribed within a week and marked Enpal's first equity raise since 2023, following debt facilities like a €1.1 billion vehicle from Barclays, Bank of America, and Crédit Agricole in 2024. Funds will scale heat pump and smart metering businesses, the B2B platform Enpal.pro, and national rollout of its Virtual Power Plant, while supporting market expansion. In 2024, Enpal reported €860 million in revenue, down from €905 million in 2023 amid a solar market dip due to high interest rates, inflation, and lower fossil fuel prices, though the company noted strong recent figures and record-breaking revenue post-sector consolidation. This round builds on prior funding, including a 2023 Series D of €215 million led by TPG Rise Climate with SoftBank Vision Fund 2, HV Capital, Westly Group, and Activate Capital, when Enpal achieved over €400 million revenue and profitability. Enpal has raised over €4 billion total including debt, with a €700 million debt round in October 2025 and a €300 million securitisation in December 2025 with M&G. Enpal competes in Europe's growing residential energy-saving tech space against firms like Germany's 1Komma5 and Sweden's Aira, benefiting from demand for solar amid energy transitions and reduced Russian supplies, though facing headwinds. |
| Jan 2023 | Series D | Activate Capital Partners (lead); The Westly Group (lead); TPG (lead); Climb Ventures; SoftBank Group; Princeville Capital; HV Capital | $234M | $2.4B | Enpal is Germany's leading provider of renewable energy solutions, offering an integrated platform for solar installation, heat pumps, and energy management to residential customers. The company operates on a capital-light model using a mix of loan and lease structures to deploy distributed energy resources, with a mission to install one million energy solutions by 2030. In 2023, Enpal achieved record revenues of €905 million, representing 118% year-over-year growth from €415 million in 2022. The company also generated positive operating cash flow and reported adjusted EBITDA of approximately €21 million for the year, down slightly from €22.5 million in 2022. During 2023, Enpal installed over 100,000 new distributed energy resources, bringing its total portfolio to approximately 160,000 systems, and added more than 30,000 new customers, consolidating its market-leading position in Germany. The company successfully expanded into the heat pump segment with over 31,000 new PV systems and heat pump installations commissioned during the year. In April 2025, Enpal raised €110 million in growth capital to accelerate expansion into new business areas including its B2B service platform and energy trading capabilities, with February and March 2025 marking the company's most successful revenue months in its history. All growth through 2023 was achieved organically without acquisitions and remained concentrated in the German market. |
| Oct 2021 | Series C | SoftBank Group (lead) | $174M | $1.1B | Enpal is a Berlin-based solar energy startup founded in 2017 that provides AI-equipped rooftop solar installation services and a subscription model allowing homeowners to access systems without upfront costs, with the option to purchase after 20 years for one euro. The company handles consultation, planning, installation via its team or partners, and ongoing maintenance, aiming to supply one million German households with solar by the end of the decade. As of October 2021, Enpal employed around 700 people and served approximately 10,000 customers primarily in Germany, with plans for initial international expansion. On October 19, 2021, Enpal closed its Series C funding round at €250 million ($290 million) total, including a €150 million ($174 million) extension investment from SoftBank Vision Fund 2 that valued the company at €950 million ($1.1 billion) post-money, achieving unicorn status. This extension followed an initial €100 million raised earlier in 2021 from investors including HV Capital, Heliad Equity, ER Capital, Friba Investment, and individuals like Peter Rive (SolarCity co-founder), Thomas Griesel, and Christopher Muhr at an $826 million valuation. SoftBank's investment was the sole capital in the extension, supporting Enpal's growth in renewable energy adoption amid rising electricity prices. The funds are intended to enhance market presence, scale solar system offerings, and expand operations while maintaining an asset-light model to avoid overleverage from subsidized installations. Enpal had raised around $360 million in equity and $406 million in debt to date, including €345 million in debt financing from BlackRock, Pricoa Private Capital, and UniCredit in September 2021. |
| Jul 2021 | Series C | HV Capital (lead); Heliad (lead) | $119M | $831M | Enpal is a Berlin-based solar technology company founded in 2017 that offers integrated green smart home solutions including photovoltaic panels, batteries, charging stations for e-vehicles, green electricity tariffs, and energy management software. The company operates a subscription-based business model where customers rent solar energy systems with no upfront costs, addressing the preference of 9 out of 10 Germans for rooftop solar installations. The company was founded by Mario Kohle, a serial entrepreneur previously backed by HV Capital during his earlier venture Kauferportal, which was sold to General Atlantic. HV Capital became Enpal's first institutional investor during the Series B funding round in 2021, led by the Munich-based venture firm. By January 2023, Enpal had achieved unicorn status, raising a €215 million Series D round at a €2.25 billion post-money valuation led by TPG Rise Climate, with participation from SoftBank Vision Fund 2, Activate Capital, HV Capital, Princeville Capital, and Westly Group. The company had also secured €855 million in venture debt from BlackRock, Infranity, ING Bank, PGIM Private Capital, and UniCredit Group in December 2022. By early 2023, Enpal had raised total funding of €2.2 billion across €1.7 billion in debt and €466 million in equity, and was experiencing rapid team growth of 137% to reach 1,943 employees. |
Who has invested in Enpal?
8 investors have backed Enpal across its funding rounds, including SoftBank Group, TPG, HV Capital, The Westly Group, Activate Capital Partners and Heliad.
Lead investors include TPG, Activate Capital Partners, The Westly Group, SoftBank Group, HV Capital and 1 other investor.
Enpal Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Oct 2021 | ||
| 2 | Lead | Jul 2021 | ||
| 2 | Lead | Jan 2023 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Lead | Jan 2023 | ||
| 1 | Participant | Jan 2023 | ||
This data is available for Pro users. Sign up to see all 8 Enpal investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Enpal
Enpal has invested in 2 companies to date.
Latest investment by Enpal was on March 24th 2026. Enpal invested in Entrix in their $51M Series B round.
Latest Investments by Enpal
| Description | Entrix develops software and services for energy storage and renewable assets, including digital platforms for automated trading, control, and market integration. Utilities and asset owners use its tools for forecasting, analytics, and battery management. | theion is a Dresden, Germany-based manufacturer of non-flammable crystal batteries using sulfur-based cathodes for electric vehicles, aviation, smartphones, and laptops. Founded in 2018, its Licerion technology offers higher energy density and safety, partnering with automotive suppliers for production scaling in Europe. |
| HQ Country | ||
| HQ City | Munich | Berlin |
| Deal Date | 24 Mar 2026 | 19 Mar 2025 |
| Round | Series B | Series A |
| Raised | $51M | $16M |
| Investors | Allianz; ABACON; Korys; AENU; BNP Paribas; Arvantis Group; Junction Growth Investors | Geschwister Oetker; Team Global |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Enpal investments and their VC round multiples. Start Free Trial | ||
Enpal Competitors
Enpal competitors include listed companies like Cadeler, Auren Energia, Xinyi Solar and Solaria Energia, and private ones like Chint Anneng Digital Energy and SFCC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $714M | $479M | $2.5B | 4.2x | ||
| Publicly listed | $2.6B | $673M | $2.4B | 2.9x | ||
| Publicly listed | $3.1B | $544M | $2.3B | 1.6x | ||
| Publicly listed | $227M | - | $2.7B | 10.0x | ||
| Private | $4.6B | - | $2B | - | ||
| Private | - | - | $1.9B | - |
Enpal Public Comps
Enpal is still privately-owned, but its public comps include Pertamina Geothermal, Dorian LPG, ReNew, Cadeler, Meshek Energy Renewable, LAPLACE, OQ Gas Networks, Andersons, Gulf Navigation Holding and Chugoku Electric Power.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $433M | $326M | 6.0x | 5.7x | 7.9x | 7.3x | |||
| $482M | $281M | 5.8x | 5.0x | 10.0x | 7.6x | |||
| $1.4B | $976M | 7.3x | 6.2x | 10.4x | 9.8x | |||
| $714M | $479M | 5.8x | 4.2x | 8.7x | 7.7x | |||
| $44M | $28M | 72.1x | - | 113.2x | - | |||
| $815M | $114M | 2.5x | 2.5x | 17.5x | 16.4x | |||
| $335M | $213M | 10.9x | 7.0x | 17.1x | 14.2x | |||
| $11B | $315M | 0.3x | 0.3x | 10.5x | 8.0x | |||
This data is available for Pro users. Sign up to see all Enpal competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Enpal
| When was Enpal founded? | Enpal was founded in 2017. |
| Where is Enpal headquartered? | Enpal is headquartered in Berlin, Germany. |
| Is Enpal publicly listed? | No, Enpal is a private, VC-backed company. |
| What is Enpal's valuation? | Enpal was last valued at $2.5B in its undisclosed-stage round in April 2025. |
| How much funding has Enpal raised? | Enpal has raised $650M across 4 funding rounds. |
| What was Enpal's last funding round? | Enpal's last funding round was a $125M undisclosed-stage round in April 2025, led by TPG. |
| Who are Enpal's investors? | Enpal's investors include SoftBank Group, HV Capital, TPG, Climb Ventures, The Westly Group, Princeville Capital, Heliad and Activate Capital Partners. |
| What is Enpal's revenue? | Enpal's latest recorded revenue is $1B (October 2021). |
| What is Enpal's revenue multiple? | Enpal's latest valuation implies a 1.0x revenue multiple ($1.1B valuation on $1B of revenue). |
| Which companies are comparable to Enpal? | Companies comparable to Enpal include Cadeler, Auren Energia, Xinyi Solar, Solaria Energia, Chint Anneng Digital Energy and SFCC. |
| How many companies has Enpal invested in? | Enpal has invested in 2 companies, including Entrix and theion. |
| What was Enpal's last investment? | In March 2026, Enpal invested in Entrix's $51M Series B alongside Allianz, ABACON, Korys and 4 other investors. |
See companies similar to Enpal
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




