German home energy group 1Komma5 has added its third acquisition in Australia since it launched in the local market, buying Kozco Energy Group.
The South Australian company, which describes itself as a leader in renewable energy and air conditioning services, joins a stable that includes home battery company Natural Solar, which 1Komma5 acquired in 2022, and microinverter installer Solaray Energy a year ago.
The addition of Kozco Energy is testament to the growth and positioning of 1Komma5 today, says the company’s Asia Pacific CEO Chris Williams.
“[It does the] whole home installation of the solar panels, the inverter, the heat pump, the charger and the battery. That one stop shop is important for 1Komma5,” he told RenewEconomy.
Williams was not able to reveal what they paid for the South Australian company.
Global growth and foray into solar manufacturing
1Komma5 made headlines last year with its goal to spend $100 million in six months, and buy 80 companies in 18 months.
It launched in 2021, and raised more than €200 million ($331 million) in a Series A financing round backed by eCapital, BTOV Ventures, Porsche Ventures, French Eurazeo, Blue Elephant Ventures and the Haniel and Schuerfeld families. That was followed by €100 million in debt financing last year from BNP Paribas, Deutsche Bank and LBBW and a designation as a unicorn, or a startup worth more than €1 billion.
It launched with a goal to sweep up last-mile cleantech companies around the world and, using its market power, drive down prices for consumers and drive up revenues for itself through better supply chain control and better buying power. Its flagship product is the Heartbeat home energy management system as well as offer customers across its subsidiaries a way to connect their various devices, thus creating a mini virtual private power plant at home.
The company landed 25 companies in the lead up to 2023, but that pace appears to have slowed with deals signed in the last year only in Australia, Spain, Germany and the Netherlands.
Williams says the company’s fame has meant they can be pickier with who they bring into the brand, ensuring new buys align with 1Komma5’s values and goals.
It has also signed on partners such as Wallbox Chargers and Daikin, and plans to build its own solar panels in Germany – in order to provide free electricity to some customers – from this year.
The company more than doubled is revenue from €206 million to €460 million in calendar 2023, and profits ticked up from €19 million in 2022 to nearly €50 million in 2023.
The company is weighing plans to IPO in 2025.
