Berlin-based startup NeXtWind secures $750m to build sustainable energy market in Germany

Berlin-based energy startup NeXtWind has successfully completed $750 million second financing round from Sandbrook Capital, together with the Public Sector Pension Investment Board (PSP Investments) and institutional investor IMCO.

The company's goal is to rapidly expand the portfolio of currently ten wind farms in Northern and Eastern Germany, to drive the repowering of Germany's predominantly aged wind turbines and thus give new impetus to the energy transition in Germany. 

NeXtWind is managed by the Founders Lars B. Meyer, Werner Süss and Ewald Woste. The trio has worked closely together for six years and together look back on many decades of management experience in the energy sector, investment banking and local project work in the operations of wind power plants in municipalities. The NeXtWind team currently comprises 20 people with a wide range of experience and professional backgrounds. They are united by the drive to not only talk about the energy transition, but to actively shape it.

Lars B. Meyer says about the successful financing round: "I am very pleased that with Sandbrook Capital, PSP Investments and IMCO we were able to inspire three long-term investors for our vision of the energy transition. With the new investors, we can now accelerate the implementation of our business model: We will acquire and repower more wind power plants to achieve our goal of becoming a major sustainable power producer in Germany."

Werner Süss adds: "The repowering is the starting point. In addition, we are particularly concerned with the question of energy stability for Germany and how we can establish base load capability with renewable energies. We identify wind farms that are suitable for combination with photovoltaic systems as well as batteries for intermediate storage. We want to redefine classic energy supply – green, decentralised and sustainable."

Successfully shaping the energy transition in Germany is currently one of the greatest challenges for German politics. The advancing climate change makes the urgency of the energy transition abundantly clear. At the same time, Germany must ensure the security of its energy supply after the end of Russian gas supplies. The maintenance of existing wind energy capacities alone is a major effort: According to current figures from the consultancy Deutsche Windguard from 2022, Germany is the largest onshore wind market in Europe with an installed power generation capacity of around 58 gigawatts at the end of 2022. Around 30 percent of this capacity, around 13,000 wind turbines, have been in operation for 15 years or more and need to be replaced by newer and more efficient turbines.

Ewald Woste says about the challenges of the energy transition: "The expansion of wind power has almost come to a standstill in recent years. It is good that politicians are now setting the course more consistently in the direction of renewable energies. Since our founding, we have proven that we are experts in the energy transition. Our corporate goal is clear: With innovative technological concepts, we want to become a leading and reliable renewable IPP in the German market. We move quickly and agilely to invest the fresh capital, because we have an important advantage: we are not carrying around any burdens from the fossil fuel era."

www.nextwind.de