Press Release: LevelTen Energy Raises $20.5 Million in Series B Funding to Expand Renewable Energy Procurement Platform
June 03, 2019
Seattle-based clean energy platform will use funds for new headcount, product development, and international expansion
SEATTLE – June 3, 2019 — LevelTen Energy, the leading renewable energy procurement platform, today announced a $20.5 million Series B funding round led by Prelude Ventures, with participation from Constellation Technology Ventures, the venture investing arm of Exelon Corporation, Equinor Energy Ventures, Total Ventures and participants from LevelTen’s Series A funding, including Avista Development, Element 8 Fund, Founders’ Co-op, Techstars Ventures and Wireframe Ventures. This latest round of funding brings the company’s total investment to $27.3 million. As part of the financing, Tim Woodward, managing director at Prelude Ventures, will join LevelTen Energy’s board of directors.
LevelTen Energy, a Techstars accelerator alum, was founded in 2016 to expand the market for renewable energy by facilitating frictionless clean energy procurement for corporate and other large energy buyers. In 2018, it launched the LevelTen Marketplace, which provides rich data and deep analytics on nearly every utility-scale clean energy project under development in North America. Later that year, the company launched LevelTen’s RFP Automation Tool and Dynamic Matching Engine, products that enable companies to find, evaluate, and procure power from new renewable projects faster, more easily and with less risk. To-date, Fortune 500 companies have procured more than $1 billion dollars of renewable energy through the LevelTen Energy platform. LevelTen also facilitated a groundbreaking aggregated procurement deal with Bloomberg, Cox Enterprises, Gap Inc., Salesforce and Workday.
LevelTen Energy will use this latest investment to expand its suite of products and services in North America and Europe, further reducing the barriers that impede widespread renewable energy procurement. The company will also open its platform to new types of channel partners and service providers, making the entire procurement process faster and easier for energy buyer participants. To support this expansion, LevelTen will grow its team in North America and Europe; new positions will be posted at Leveltenenergy.com/careers.
“Historically, excessive market opacity, cost, and risk prevented all but a select group of Fortune 500 buyers from signing utility-scale power purchase agreements. This exclusionary problem is one we’re committed to addressing,” said Bryce Smith, CEO and founder of LevelTen Energy. “In the past year, LevelTen’s products afforded market access to small and medium-sized corporations in North America. With this new investment, we will open the door to an international community of buyers, sellers and service providers, supporting the entire renewable procurement ecosystem.”
“LevelTen gained market traction and product validation in 2018 and we are very excited to increase our ownership stake by leading the Series B financing,” said Tim Woodward, managing director, Prelude Ventures. “We think this will become an essential tool for corporate and industrial procurement of renewable energy and that is a market that is growing rapidly. The engagement in this round of several global energy partners should only further establish the LevelTen platform.”
To learn more about LevelTen Energy, please visit LevelTenEnergy.com