Source: Jeff Buchanon, Xconomy, June 3
LevelTen Energy, a startup that helps corporations make renewable energy purchases, has raised $20.5 million from investors. The Seattle-based company says it plans to use some of the new money to fund product development, make new hires, and expand into Europe.
Prelude Ventures, a cleantech-focused venture firm based in San Francisco, led the Series B funding round, LevelTen says in a news release. Equinor Energy Ventures, Total Ventures, and Constellation Technology Ventures, the investing arm of Exelon (NYSE: EXC), were among the other participating investors.
LevelTen seeks to give more businesses access to the power purchase agreements that some well-heeled energy buyers negotiate directly with wind and solar energy developers instead of buying power through an electric utility.
Negotiating such lengthy, high-value contracts is beyond the capabilities of many corporate energy buyers, despite businesses’ growing appetite for the relatively competitive prices energy developers offer—and the buyers’ ability to lock those prices in through multiyear agreements. Part of the idea behind LevelTen is aggregating demand from would-be buyers of inexpensive, clean energy, and contracting directly with renewable energy producers to negotiate power purchases