As part of Google’s efforts to drive a transition to clean energy, the technology company is investing in LevelTen Energy; LevelTen has raised $35 million in Series C funding, led by NGP ETP and with participation from My Climate Journey (MCJ) Collective, as well as nearly all of LevelTen’s existing investors. These include Avista Development, Constellation Technology Ventures, Equinor Ventures, Founders’ Co-op, Prelude Ventures, Techstars, TotalEnergies Ventures and Wireframe Ventures.
Google has stated a goal of supporting “innovative solutions that help enable businesses of all sizes, including Google Cloud customers, to source 24/7 carbon-free energy.” LevelTen has now raised $62.3 million, in aggregate.
To reach net zero emissions by 2050, BloombergNEF estimates that 1,400 gigawatts of renewables need to be deployed every year, on average, for the next three decades, and annual investment in energy supply and infrastructure must double, exceeding $3.1 trillion per year. LevelTen says it provides the renewable transaction infrastructure that bridges the gap between those investment dollars and clean energy projects, automating PPA transactions, asset sales, project performance tracking and market intelligence gathering.
This latest capital infusion will help the company further scale its existing renewable energy transaction platform, which comprises the Energy Marketplace, Asset Marketplace and Performance Monitoring software, LevelTen says. The company will also use proceeds to develop additional software solutions to accelerate the clean energy transition, investing in real-time load matching technology (24/7), project developer services, environmental and social justice scoring systems, and more advanced power purchase agreement (PPA) products.
The LevelTen Platform is now the world’s largest online hub for utility-scale renewable energy deals, connecting a range of energy advisors and experienced buyers with more than 500 project developers, owners and financiers. LevelTen’s partner network now includes more than 25 energy advisors and retail electricity providers, including 3Degrees, Accenture, Constellation, Deloitte and South Pole. The LevelTen Energy Marketplace delivers access to the world’s largest collection of PPAs, with more than 4,000 offers from 1,300 projects spanning 21 countries in North America and Europe. To date, LevelTen has facilitated more than $5 billion in renewable energy transactions and 3.3 gigawatts of renewable energy deals.