LevelTen Energy, a US firm that has developed a platform for renewable energy asset transactions, has secured the backing of Google as part of a US$35 million Series C funding round.
The company aims to use the proceeds to develop additional software solutions to help accelerate the clean energy transition, investing in load matching technology, project developer services and more advanced power purchase agreement (PPA) products.
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Taking the total amount raised by LevelTen to US$62.3 million, the raise was led by private equity firm NGP ETP and included participation from nearly all the software provider’s existing investors, including: Constellation Technology Ventures, the venture investing arm of Exelon; Avista Development, a subsidiary of US utility Avista; and TotalEnergies Ventures.
Having launched its Energy Marketplace in 2018 to improve the PPA process, LevelTen earlier this year released its Asset Marketplace, which aims to simplify how renewable energy projects are bought and sold.
“Now, with this new funding, LevelTen will advance the industry again with the launch of even more transaction infrastructure products and services vital to accelerating the energy transition,” said 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.”