Dandelion Energy closes USD-70m funding round to pursue more growth

US residential geothermal company Dandelion Energy Inc said today it has closed a USD-70-million (EUR 67.3m) B1 funding round co-led by the corporate venture arm of homebuilder Lennar Corp (NYSE:LEN) and the energy transition investing platform of NGP.

LENX and NGP ETP were joined by Breakthrough Energy Ventures, NEA, GV, Collaborative Fund, and Building Ventures in supporting Dandelion.

The business supplies geothermal heating and cooling systems to homeowners, allowing them to save up to 50% on their heating and cooling bills, it says. Dandelion completed its 1,000th home geothermal installation a month ago and has more than tripled its commercial operations so far this year. It intends to use the fresh funding to further expand in retrofit and new construction markets and to extend its product range.

"Our goal is to be the Tesla of heating and cooling, and with this capital, we expect to make great strides down that path," said Michael Sachse, CEO of Dandelion Energy.

(USD 1 = EUR 0.961)

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