Ethical Electric, a Chevy Chase, MD-based online provider of renewable electricity, closed a $2,420,000 in Series AA funding.
The round was led by Northwest Energy Angels. As part of the investment, Brian Arbogast, a member of NWEA, will join Ethical Electric’s board of directors.
The company intends to use the funding to accelerate operations, grow the team and launch marketing campaigns in initial markets.
Founded in 2011 by CEO Tom Matzzie, Ethical Electric allows consumers and businesses to switch their “dirty” supplier to a clean supplier by coordinating with the energy markets and their local utility and ensuring money they pay on their power bill directly supports renewable energy from local sources.
The company will begin operations in New Jersey and Pennsylvania and will expand into other states with de-regulated energy markets within the first two months.