Renewable energy online marketplace and procurement platform LevelTen Energy has raised $35 million as series C funding from a host of existing and new investors, led by NGP ETP. The company plans to use the proceeds to further scale its existing renewable energy transaction platform, comprising energy marketplace, asset marketplace and performance monitoring software.
Part of the proceeds will also be used by the company to develop additional software solutions to accelerate clean energy solutions, which it said will help invest in real-time load matching technology, project developer services, environmental and social justice scoring systems, and more advanced power purchase agreements (PPA) products.
Among investors for this funding round include its existing investors – TotalEnergies Ventures, Constellation Technology Ventures, Equinor Ventures, Avista Development, My Climate Journey (MCJ) Collective, among others. LevelTen Energy said Google participated in the funding round as part of its goal of supporting innovative solutions that help business of all sizes, including Google Cloud customers to source 24*7 carbon-free energy.
"With renewable energy projects, sophisticated software is key to helping buyers and sellers align on risk, value and terms, and transact more efficiently," said LevelTen Energy CEO Bryce Smith. "Renewable transactions will surely become as customary and as efficient as fossil fuel transactions, and we're intent on improving our platform until that happens."
With this funding amount, LevelTen Energy has now raised $62.3 million in aggregate. The startup claims to have facilitated more than $5 billion in renewable energy transactions and 3.3 GW of renewable energy deals. The US headquartered firm launched itself in Europe in October 2019, claiming commitments from Global Fortune 500 companies (see LevelTen Officially Sets Up Shop In Europe).