Green energy marketplace LevelTen raises USD 65m

Power purchase agreement (PPA) marketplace LevelTen Energy has raised USD 65 million (EUR 59.4m) in a Series D funding round to support the growth of its platform and the company’s expansion into new markets.

The round, involving both new growth capital and the conversion of notes, was led by investment firm B Capital. Also participating were Aster, Constellation, Equinor Ventures, Google, Intercontinental Exchange Inc, Microsoft’s Climate Innovation Fund, NGP, Prelude Ventures and ZOMA Capital, among others.

Set up in 2016, LevelTen says it has since facilitated over USD 14.8 billion in PPAs, asset sales and other clean energy transactions. It has supported the procurement of more than 8 GW of clean energy. The capital the company has raised to date exceeds USD 125 million.

“With this renewed financial support from our investors, LevelTen will build on our past success, and provide new solutions to the energy transition’s most pressing challenges,” said Bryce Smith, founder and CEO at LevelTen Energy.

The new funding will support LevelTen’s venture into new markets, such as granular certificates and clean hydrogen. In December 2023, LevelTen announced a collaboration with AES, Constellation, Google and Microsoft to develop a first-of-its-kind trading and management platform for granular certificates that verify the time and location of carbon-free energy generation.

LevelTen is also a founding member of H2DI, a collaboration led by the Energy Futures Initiative, selected by the US Department of Energy to manage the H2Hubs demand-side support mechanism for clean hydrogen.

(USD 1 = EUR 0.915)

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