Peder Broms, Co-founder Cloover: How embedded lending can transform renewables

In this episode, host Lars Markull interviews Peder Broms, co-founder and CEO of Cloover, an innovative infrastructure provider offering software and consumer financing solutions for renewable energy hardware. Broms shares valuable insights into Cloover's business model, market strategy, and vision for the future of renewable energy financing.

Cloover's Unique Business Model

• Provides a plug-and-play financing solution for home improvement companies

• Partners exclusively with installation companies and vendors

• Offers installment purchase options for customers, rather than traditional loans

• Focuses on renewable energy products, such as photovoltaic systems

Customer Journey and Financing Process

• Installers create offers through Cloover's platform or integrated systems

• Customers receive financing options with various payment plans

• Cloover manages data collection, underwriting, signing, and identification

• Approval process is quick and similar to e-commerce platforms like Klarna

Target Markets and Expansion Strategy

• Started in Sweden, expanded to the Netherlands

• Currently focusing on the DACH region, particularly Germany

• Plans for future expansion into other European markets

• Emphasis on quality partnerships with experienced installers

Competitive Advantage and Market Positioning

• Enables SME installers with efficient operations and financing solutions

• Targets the 85% of installations done by SME installers

• Differentiates from competitors by not engaging in digital customer acquisition or hardware installations

Future Outlook and Financing Strategy

• Working with banks and exploring various financing models

• Aims to find suitable partners through banks or institutional investors

• Long-term goal of contributing to sustainability and innovation in the renewable energy sector