U.S.-based renewable transaction infrastructure provider, LevelTen Energy, announced that it raised $35 million in Series C funding led by NGP ETP. The company has raised a total of $62.3 million through funding to date.
The company facilitates transactions for renewable energy buyers, sellers, advisors, and financers by delivering the marketplaces, software, standards, and analytics necessary for efficient execution.
My Climate Journey Collective and the company’s existing investors, including Avista Development, Constellation Technology Venture, Equinor Ventures, Founders’ Co-op, Prelude Ventures, Techstars, Total Energies Ventures, and Wireframe Ventures – also participated in the funding round.
Google had also participated in the funding round as part of its initiative to support innovative solutions that enable businesses, including Google Cloud consumers, to source 24*7 carbon-free energy.
The company will use the funding to scale its existing renewable energy transaction platform that comprises energy marketplace, asset marketplace, and performance monitoring software.
Apart from this, the funding will be used to develop additional software solutions to enhance clean energy transition, energy transition, real-time load matching technology, project developer services, environmental and social justice scoring systems, and advanced power purchase agreement (PPA) products.
According to LevelTen Energy, its partner network includes over 25 energy advisors and retail electricity providers. The company claims to have the world’s largest online hub for utility-scale renewable energy deals, connecting a range of energy advisors and experienced buyers with more than 500 project developers, owners, and financiers.
LevelTen Energy Marketplace also boasts of delivering access to the world’s largest collection of PPAs, with more than 4,000 offers from 1,300 projects spanning 21 countries in North America and Europe. The platform has facilitated over $5 billion in renewable energy transactions coupled with 3.3 GW of renewable energy deals.
Bryce Smith, chief executive officer (CEO) of LevenTen Energy, said, “In 2018, LevelTen improved the power purchase agreement process with the launch of the LevelTen Energy Marketplace. In 2021, we released LevelTen Asset Marketplace, simplifying the process of buying and selling the projects.”
“LevelTen will advance the industry again with the launch of even more transaction infrastructure products and services vital to accelerating the energy transition, with this new funding. Renewable transactions will become as customary and as efficient as fossil fuel transactions,” Smith added.
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.