Funds will support continued growth of the LevelTen Platform and
finance the company's expansion into new markets, including
granular certificates and clean hydrogen, to accelerate carbon-free
energy project deployment.
SEATTLE, July 16,
2024 /PRNewswire-PRWeb/ -- Today LevelTen
Energy, the leading provider of transaction infrastructure for the
energy transition, announced that it has secured approximately
$65 million in a Series D funding
round. The financing, which includes both new growth capital and
the conversion of notes, was led by B Capital, a global multi-stage
investment firm, with participation from Aster, Constellation,
Google, Intercontinental Exchange, Inc. (NYSE:ICE), Microsoft's
Climate Innovation Fund, NGP, Prelude Ventures, and ZOMA Capital,
among others.
"Our existential need to keep global
warming in check requires us to scale procurement and bring new
technologies to mass markets even more quickly," Bryce Smith, founder and CEO at LevelTen
Energy
The LevelTen Platform is the world's largest online hub for
carbon-free energy buyers, sellers, advisors, asset owners and
financiers. Since its launch, the LevelTen Platform has facilitated
over $14.8 billion in power purchase
agreements (PPAs), asset sales, and other clean energy
transactions. The company has raised more than $125 million since inception.
"The clean energy industry's growth has been astonishing, but
the climate crisis demands that we deploy even more clean energy at
a much faster rate. Rapidly growing electricity demand is straining
our infrastructure and threatening to undermine climate goals. Our
existential need to keep global warming in check requires us to
scale procurement and bring new technologies to mass markets even
more quickly," said Bryce Smith,
founder and CEO at LevelTen Energy.
"When we founded LevelTen in 2016, our primary objective was to
build a robust marketplace that simplified and scaled power
purchase agreements, the long-term contracts that allow clean
energy projects to get financed and built. I'm incredibly proud of
the progress we've made. The LevelTen Platform has facilitated the
procurement of more than eight gigawatts of clean energy. To put
that figure in perspective, the electricity generated by these
projects is sufficient to power the entire city of Barcelona. In addition, our new LEAP™
(LevelTen Energy's Accelerated Process) technology dramatically
accelerates PPA contracting, reducing overall procurement timelines
by 80%," he said.
The LevelTen Platform provides the marketplaces, software tools,
and industry intelligence clean energy players need to transact
with efficiency and confidence. The Platform comprises the LevelTen
Energy Marketplace, which connects clean energy buyers and advisors
with power purchase agreement opportunities, and the LevelTen Asset
Marketplace, which facilitates the purchase or sale of the
underlying wind, solar, storage, and other clean energy assets
themselves. In April, the company expanded its Platform to support
the transfer of federal clean energy tax credits — unlocking even
more financing opportunities for development. The Platform's data
products (MarketPulse and PPA Price Index) provide the market with
the most recent and extensive real-world information to inform
pricing and procurement decisions.
LevelTen's network includes more than 1,000 project developers
across North America and
Europe, 50 energy advisors, and a
variety of retail electricity providers who use the platform to
source clean energy supply on behalf of their clients and
customers. Many of the world's largest corporate and utility clean
energy buyers consider the Platform vital to their operation,
making LevelTen the global hub for clean energy transactions.
"At B Capital, we partner with leading climate entrepreneurs and
innovative businesses shaping the future through technology," said
Jeff Johnson, General Partner and
Head of Climate. "LevelTen is the world's largest marketplace for
clean energy and asset transactions and a pioneer in powering the
renewable energy industry and beyond. We are thrilled to support
LevelTen's vision to further the energy transition by providing
critical solutions for buyers, sellers and advisors around the
world."
New Solutions for the World's Most Pressing Challenges
"Society has made strong progress in tackling climate change — but
it's still not enough," said Smith. "The next phase of the
transition to a carbon-free economy will require new marketplaces,
new sources of market intelligence, faster access to capital, and
significant investments in emerging technologies. With this renewed
financial support from our investors, LevelTen will build on our
past success, and provide new solutions to the energy transition's
most pressing challenges," he said.
Further LevelTen innovations supported by the new funding
include:
- Unlocking the full potential of round-the-clock carbon-free
energy supply. In December 2023,
LevelTen announced the Granular Certificate Trading Alliance,
a collaboration with AES, Constellation, Google, and Microsoft to
develop a first-of-its-kind trading and management platform for
"granular certificates" (GCs) — energy attribute certificates that
verify the time and location of carbon-free energy (CFE)
generation. This platform, under development in partnership with
the Intercontinental Exchange (ICE), will support the next wave of
sustainability targets — including 24/7 carbon-free energy goals
and emissions-first objectives.
- Expanding into new geographies. LevelTen currently operates in
32 countries across North America
and Europe. With the additional
funding, the company will expand into new markets. Many of
LevelTen's multinational customers seek to reduce emissions
globally. Launching the LevelTen Platform in new geographies will
support even more organizations as they seek to meet ambitious
Scope 2 and 3 emissions-reduction goals, creating a global solution
to a truly global problem.
- Supporting more types of buyers and sellers. As electricity
demand rises, and as renewable portfolio standard requirements
increase, utilities must move quickly to secure clean energy
supply. LevelTen's transaction infrastructure helps utilities move
at the speed required to succeed in modern energy markets, which
includes a wide array of corporate and utility buyers vying for a
limited pool of new clean energy resources. In addition, as newer
carbon-free technologies emerge, the LevelTen Platform will connect
these new facilities with the offtakers and investors required to
scale.
- Decarbonizing heavy industry and supporting clean hydrogen.
LevelTen Energy is already tackling the significant greenhouse gas
emissions caused by industrial processes. According to the
EPA, industrial activities created 23% of U.S. emissions in 2022,
compared to the 25% resulting from electricity generation. It's
critical that we reduce these emissions. As such, LevelTen is
excited to be a founding member of H2DI — a collaboration
led by the Energy Futures Initiative, selected by the U.S.
Department of Energy to manage the H2Hubs demand-side support
mechanism for clean hydrogen. LevelTen brings highly-relevant
transaction infrastructure expertise, as well as the clean energy
project development experience, to support the design and
implementation of this $1B program to
jumpstart industrial decarbonization.
About LevelTen Energy
LevelTen Energy is the leading provider of transaction
infrastructure for the energy transition, delivering marketplaces,
software, data and analytics that accelerate carbon-free energy
deals and decisions. The LevelTen Platform is the global hub for
carbon-free energy transactions and insights, connecting over 1,000
project developers in 32 countries with a vast network of
corporations, advisors, traders, financiers and other organizations
seeking to advance carbon-free energy development. The Platform
includes marketplaces for power purchase agreements, clean energy
projects, and tax credit transfers, and will soon support the
trading of granular certificates. In addition to building and
operating marketplaces, LevelTen Energy provides automated
analytics and fresh data to inform key decisions for all market
participants, as well as software to help users manage business
before, during and after transactions. Visit LevelTenEnergy.com to
learn more.
Disclaimer
Certain information set forth in this release may contain
forward-looking statements under applicable securities laws. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties, which may cause actual performance and financial
results in future periods to differ materially from any projections
of future performance or result expressed or implied by such
forward-looking statements. Although forward-looking statements
contained in this release are based upon what management of the
company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Media Contact
LevelTen Energy, Walker Sands for
LevelTen Energy, (206) 480-1478, levelten@walkersands.com
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SOURCE LevelTen Energy