LevelTen Energy, a Seattle, WA-based renewable energy procurement platform, raised $20.5M in Series B funding.
The round, which brings the company’s total investment to $27.3m, was led by Prelude Ventures, with participation from Constellation Technology Ventures, the venture investing arm of Exelon Corporation, Equinor Energy Ventures, Total Ventures, Avista Development, Element 8 Fund, Founders’ Co-op, Techstars Ventures and Wireframe Ventures. As part of the financing, Tim Woodward, managing director at Prelude Ventures, will join LevelTen Energy’s board of directors.
The company intends to use the funds for new headcount, product development, and international expansion.
Founded in 2016 by Bryce Smith, CEO, LevelTen Energy is a renewable energy procurement platform that reduces the cost, complexity, and risk of renewable energy power purchase agreements through analytics, aggregation, and process best practices.
A Techstars accelerator alum, the company launched the LevelTen Marketplace, which provides rich data and deep analytics on nearly every utility-scale clean energy project under development in North America in 2018.
Later, LevelTen Energy launched an RFP Automation Tool and Dynamic Matching Engine, which enable companies to find, evaluate, and procure power from new renewable projects faster, more easily and with less risk.
To-date, Fortune 500 companies have procured more than $1 billion dollars of renewable energy through the LevelTen Energy platform.