LevelTen Energy, a marketplace that consolidates renewable energy projects and potential buyers to lower prices for aggregated buyers and expand the market for sellers, has raised $20.5 million in a new round of funding.
Investors in the round included the venture arms of utility and energy companies like Constellation Technology Ventures (the investment arm of Exelon Corp.), Equinor Energy Ventures and Total Ventures. The financing was led by Prelude Ventures, with participation from other financial investment firms including Element 8 Fund, Founders’ Co-op, Techstars Ventures and Wireframe Ventures.
Founded in 2016 and accelerated by TechStars as a clearinghouse for clean energy projects for corporate and utility energy buyers, the company expanded its services in 2018 with the launch of the LevelTen marketplace — providing details on every clean energy, utility-scale project in North America.
That launch was followed by the release of a price-matching and request for proposal automation tool to give companies the ability to post their own projects and find available projects more efficiently.
Overall, companies have procured more than $1 billion of renewable energy through LevelTen. The company has also aggregated a procurement deal for Bloomberg, Cox Enterprises, Gap, Salesforce and Workday.
The company said it would use the money to expand its footprint internationally.
“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.