LevelTen Raises $65 Million, To Enter Newer Markets

LevelTen Energy, which describes itself as a leading provider of transaction infrastructure for the energy transition, announced that it has secured approximately $65 million in a Series D funding round last week. The financing, which includes both new growth capital and the conversion of notes, was led by B Capital, a global multi-stage investment firm. Other  participants were Aster, Constellation, Equinor Ventures, Google, Intercontinental Exchange, Inc., Microsoft’s Climate Innovation Fund, NGP, Prelude Ventures, and ZOMA Capital, among others.

The LevelTen Platform claims to be the world’s largest online hub for carbon-free energy buyers, sellers, advisors, asset owners and financiers. Since its launch, the LevelTen Platform has facilitated over $14.8 billion in power purchase agreements (PPAs), asset sales, and other clean energy transactions. The company has raised more than $125 million since inception.

With its focus on Europe and North America, in April this year, the company expanded its Platform to support the transfer of federal clean energy tax credits — unlocking even more financing opportunities for development.

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The new funding will be used to expand beyond the 32 markets it is present in, though the company has not really specific which. In December last year, it had also launched the Granular Certificate Trading Alliance, a collaboration with AES, Constellation, Google, and Microsoft to develop a first-of-its-kind trading and management platform for “granular certificates” (GCs) — energy attribute certificates that verify the time and location of carbon-free energy (CFE) generation. This platform, under development in partnership with the Intercontinental Exchange (ICE), is expected to support the next wave of sustainability targets — including 24/7 carbon-free energy goals and emissions-first objectives for the C&I segment in particular.

Late last week, LevelTen also reported on a 27% fall in European PPA prices, even as North American PPA prices for renewable energy held up. the European drops are a direct result of lower tariff barriers in the continent to Chinese imports, and the steep drop in prices seen in China over the past few months.

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