SEATTLE, WA, LevelTen Energy announced that it closed a $6.8M Series A financing round.
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Today, LevelTen Energy announced that it closed its Series A financing round, securing investment from leading funds Prelude Ventures, Techstars Venture Capital Fund, Founders' Coop, Wireframe Ventures, Element 8 Fund, and Avista Development, a wholly-owned, non-regulated subsidiary of Avista Corp.
The LevelTen platform transforms the way that electricity is bought and sold, offering buyers of all types and sizes the buying power and the analytical rigor of the world's largest companies. In the past few years, pioneering corporate buyers have quietly fomented a green energy revolution by procuring power from large, offsite wind and solar projects. Just a handful of corporate customers have led the way, however, purchasing power from single projects. This purchasing paradigm, though innovative and important, exposed companies to significant project performance risk and left all but the largest buyers out in the cold.
By aggregating wind and solar projects, constructing optimally-shaped power portfolios, and syndicating the energy to individual buyers in suitable volumes, LevelTen allows buyers to procure renewable energy, seamlessly.
LevelTen CEO, Bryce Smith, states, "Aggregation is key to growing the renewables industry. Applying the mutual fund concept, which revolutionized the investment landscape in the 1940s, LevelTen connects many projects to many buyers. Our portfolio approach is the silver bullet for companies, municipalities, universities, and other institutions seeking to combat climate change in a safe, rapid, and economic way. Thousands of customers are sitting on the sidelines, waiting to play. LevelTen gives them the tools to get in the game."
Tim Woodward, Managing Director of Prelude Ventures, says, "LevelTen has created the transaction platform of record for this immense, emerging industry. In 2012, only 1% of the electricity from new wind projects was sold to corporate customers. Fast forward to 2016, and this number increases to 55%. LevelTen brings transparency, efficiency, and liquidity to a market previously dominated by cumbersome bilateral transactions. As widely-regarded industry experts, the LevelTen team knew how much better the buying process should be. So, they devised a marketplace that's sufficiently elegant to resolve every challenge that buyers and sellers face."
LevelTen Energy was founded in 2016 by Bryce Smith, a clean tech startup veteran. Bryce has been working to expand corporate access to renewables for nearly 20 years, having cut his teeth at the Bonneville Environmental Foundation, the birthplace of the Renewable Energy Certificate (REC). At LevelTen, he's assembled a team of seasoned project developers, energy traders, energy analytics specialists, and software engineers to revolutionize the most important industry of our time.