Seattle’s LevelTen Energy has raised $10 million to preserve its platform that facilitates the development of new clean energy projects.
In August 2021 the company announced a $35 million Series C round led by NGP Energy Capital, with participation from Alphabet and others. The latest funding is a follow on of that round. LevelTen declined to name the source of the additional capital.
“With the development of many strong tailwinds in the clean energy industry, we have identified exciting opportunities to speed up product development that go beyond what we envisioned during our Series C financing in 2021,” a LevelTen spokesperson said via email.
“We remain in a strong financial position from that raise,” said the spokesperson, “and so found that a relatively small follow-on would allow us to follow those initiatives and fortify our relationships with new strategic investors as well as existing investors.”
The startup launched in 2016 and has raised $72.3 million to date. It has 130 employees.
In March, LevelTen and Google Cloud shared news of a partnership to evolve a platform that accelerates deals between organizations working to cut their carbon emissions and developers of wind and solar projects. Current agreements can take more than a year to hammer out, but the redesigned approach can cut that down to two or three months, the partners said.
LevelTen also operates what it says is the “world’s largest marketplace” for buying and selling renewable energy and assets.
