Clean energy marketplace Palmetto raises USD 375m

Clean energy marketplace and technology services platform Palmetto has raised some USD 375 million (EUR 335m) to speed up the adoption of residential solar across the US, it announced on Thursday.

The fundraising round was led by Social Capital and also included participation from new and existing investors such as ArcTern Ventures, Gaingels, Lerer Hippeau and MacKinnon, Bennett & Co (MKB).

Palmetto offers its customers a complete end-to-end transaction platform, relying on its proprietary software to manage the survey, design, engineering, financing, permitting, maintenance and active system monitoring aspects and on a third-party network of trained sales specialists and certified technicians. It claims that it is able to provide its customers a clean energy solution at a cost up to 30% lower than its peers.

The firm intends to use the proceeds from the fundraising round to grow its marketplace of independent contractors and further invest in its technology, staff and resources to maintain its overall operating efficiencies. The goal is to subsequently expand its addressable market.

(USD 1.0 = EUR 0.895)

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