LevelTen Energy, the US-based creator of an online marketplace for clean energy, raised $6.8m on Monday in a series A round that included Avista Development, part of energy utility Avista Corp.
Venture capital firms Wireframe Ventures and Prelude Ventures, seed-stage investment fund Founders’ Co-Op, angel group Element 8 and Techstars Venture Capital Fund, the VC arm of accelerator Techstars, also participated in the round.
LevelTen has built an online platform where buyers and sellers can negotiate the supply of renewable energy from utility-scale projects.
The company bundles wind, solar and other renewable energy projects into portfolios in order to make it easier for businesses to source the right amount of energy they need from larger installations.
Bryce Smith, chief executive of LevelTen, told GeekWire: “The purchasing model before LevelTen Energy enabled the connection of one company to one project only.
“This has been extremely expensive, risky, and of course, has left out everyone except the most sophisticated buyers. LevelTen has developed portfolios of renewable energy projects that can be sliced into customised volumes – reducing costs and risks – and enabling the entry of all into the market.”
Founded in 2016, LevelTen raised approximately $820,000 in debt financing in January this year and another $125,000 in debt in August, according to regulatory filings