BlocPower, a NYC-based climate technology company focused on greening America’s buildings, received over $154m in funding.
This included over $24m of Series B corporate equity led by VoLo Earth Ventures and $130m of debt financing led by Goldman Sachs. Microsoft Climate Innovation Fund, Credit Suisse, Builders Vision, New York State Ventures, Unreasonable Collective, Kimbal and Christiana Musk, Gaingels, Van Jones, Kapor Capital, My Climate Journey, Tale Venture Partners, and NBA star and entrepreneur Russell Westbrook also joined the equity round. Kareem Dabbagh, Managing Partner at VoLo Earth, will be joining BlocPower’s Board of Directors. To date, BlocPower has raised over $250m.
The company intends to use the funds to further develop its proprietary BlocMaps SaaS analytics platform, grow its financing and administrative capabilities, and broaden its Civilian Climate Corps green workforce initiative, focused on training and hiring at-risk individuals in vulnerable communities.
Founded in 2014 and led by Donnel Baird, CEO, BlocPower utilizes its proprietary software for analysis, leasing, project management, and monitoring of clean energy projects. The company has completed energy projects in more than 5,000 households, commercial buildings and houses of worship. BlocPower utilizes its proprietary software for analysis, leasing, project management, and monitoring of clean energy projects.
Since its 2020 Series A, the company has demonstrated 4,000% revenue growth, including signing city-scale decarbonization projects in Ithaca, NY and Menlo Park, CA, and large-scale projects in Denver, CO; San Jose, CA; Buffalo, NY; Denver, CO; Atlanta, GA; and San Luis Obispo, CA. The company completed hundreds of green energy upgrades across the country, bringing the total number of completed projects to more than 5,000 apartments, homes, houses of worship and commercial buildings. BlocPower has also added several new American geographies to BlocMaps, which is now being used by municipalities and utilities in New York City, Ithaca, San Luis Obispo, Chicago and other cities to develop and implement equitable, data-driven decarbonization strategies.
In 2022, BlocPower’s Civilian Climate Corps was awarded a two-year, $108m contract from New York City Mayor Eric Adams to train 3,000 city residents for clean energy jobs and to help reduce gun violence as part of Mayor Eric Adams’ Precision Employment Initiative. The new contract expanded upon a $37m contract from 2021, which launched the NYC Civilian Climate Corps. To support that growth, BlocPower opened two new training facilities in Brooklyn and the Bronx. The program trains next generation green economy workforce from communities with a high risk of gun violence, focusing on the use of cutting edge software to install clean energy hardware.
FinSMEs
01/03/2023