ImpactAlpha, June 11 – Power purchasing agreements are key to expanding renewable energy, because they ensure developers have long-term buyers for the energy they produce. Seattle-based LevelTen Energy widens the market for renewable power with a marketplace that connects producers to corporate customers. It has raised $20.5 million in Series B funding led by Prelude Ventures with backing from three corporate venture funds: Exelon’s Constellation Technology Ventures, Equinor Energy Ventures and Total Ventures.
LevelTen partners with developers, syndicating buyers for their solar and wind projects, and handles all of the sales and administrative work. For companies, it identifies and aggregates sources that meet their energy needs and handles contract negotiation, creating what effectively looks like a “mutual fund” of power purchase agreements.
This month it closed a 146-megawatt deal for Starbucks to power 3,000 of its retail stores. Other corporate customers include Bloomberg, Salesforce and Gap.
LevelTen, which launched in 2016, says it has handled more than $1 billion in renewable energy contracts. Its marketplace includes more than 750 solar projects and 300 wind projects, according to the company’s website.
Prior investors Avista Development, Element 8 Fund, Founders’ Co-op, Techstars Ventures and Wireframe Ventures also participated in the Series B round.