Berlin, 22. August 2024 – Enpal, pioneer in Germany’s energy transition and market leader in rooftop solar systems, today announces its audited financial information and business performance for the 2023 financial year.
The energy company achieved record revenues of €905 million in its operating subgroup, a significant increase on the previous year's revenues of €415 million, representing a revenue growth of 118 percent. Despite regulatory challenges such as the debate on the German Buildings Energy Act, the controversial subsidy program for solar charging and the decline in demand for solar installations in the second half of the year, Enpal achieved a positive operating cash flow and an adjusted EBITDA of around €21 million in the politically turbulent year.
Jochen Cassel, CFO of Enpal, comments: ‘Despite the challenging market conditions, we have achieved strong revenues and remain profitable. This shows that there is great interest in our integrated renewable energy solution. In 2024, we will continue our investment strategy, focusing on the sale and installation of heat pumps and our proprietary energy management platform, Enpal.One. In parallel, we are proactively addressing Germany's shortage of skilled workers with our recently launched Heat Pump Academy, thus continuing to invest in the overall robustness of our business model.’
In total, the company has succeeded in installing more than 100,000 new Distributed Energy Resources in 2023 and integrating them into the Enpal system. By the end of 2023, the Enpal system therefore consists of almost 160,000 DER's. In 2023 alone, Enpal was able to commission 31,000 new PV systems and heat pumps, which represents a portfolio growth of over 100 per cent and an increase of 72 per cent compared to the 18,000 new customers in the previous year.
Mario Kohle, founder and CEO of Enpal, says: 'Our vision at Enpal is to connect humanity to a renewable community by making energy free in the long term. Renewable energy protects the climate and pays off financially. 2023 has been a successful year for Enpal - the launch of our heat pump business, our smart metering operation, our EasyFlex product and our international expansion have enabled us to take the next decisive steps in developing our model into the market-leading integrated decentralised energy company.
In 2023, Enpal also introduced numerous innovations to further maximize customer benefits. The most important change for end customers was the introduction of a purchase option for renters of solar systems and the launch of Enpal EasyFlex, a fully flexible loan model. In addition, the sale and installation of heat pumps was initiated. More than 1,000 Bosch heat pumps were installed by Enpal in 2023. In its role as the largest competitive operator of metering points in the smart metering sector in Germany, Enpal also implemented the rollout of smart meters (iMSys) for almost 23,000 households. Since spring 2023, every new Enpal customer is equipped with a Smart Meter, provided technical feasibility.
Viktor Wingert, Chief Investment Officer and co-founder of Enpal, adds: 'The further development of our business model through flexible financing solutions makes us even more attractive for customers. Tailored financing options are the starting point for making it easy and affordable for every homeowner in Germany to switch to renewable energy. We are proud to be the market leader once again and to have achieved such record growth in new customers.’
About Enpal
Enpal, the greentech unicorn in Germany, offers an integrated solution for renewable energy and is a pioneer in Germany's energy transition. With several thousand new energy systems installed every month, the company has a leading position in the German residential solar market. The PV system is part of an integrated energy ecosystem consisting of a battery storage system, an EV-charging station, a heat pump and the Enpal energy manager Enpal.One, an intelligent combination of hardware and software. Founded in 2017, Enpal has digitized and revolutionized the purchase of green energy for a fossil-free home with its rental model and flexible, no-down-payment purchase option. More than 70,000 Enpal-equipped households already make up our climate-friendly renewable energy community. Enpal’s investors include some of the world’s largest impact and technology investors, such as TPG Rise Climate, The Westly Group, Activate Capital, Softbank Vision Fund II, Princeville Climate Technologies, HV Capital and Picus Capital.
Press contact
Boris Radke
Chief Communications Officer/Unternehmenssprecher
