Palmetto, a software firm focused on simplified energy savings for homeowners, announced today that it has completed a $29 Million Series B capital raise continuing its run as one of the fastest growing solar companies.
Investors from a wide range of sectors such as energy, financial technology and software engaged in the capital round that comprised Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and also the Leto Family Office.
“We are honored to have support from a broad array of partners and value their recognition from the value of our mission to mitigate climate change,” explained Chris Kemper, Founder and CEO of Palmetto. “The proceeds from this investment can help us further grow our product lines and expand into a broader range of services with our consumers.
“We have a confirmed strategic roadmap that continues to withstand the test of time; we have a superb staff and, first and foremost, a resilient, agile culture that continually adjusts to market demands. Our core mission of climate change has stayed front and center in what we do for more than ten years. Nowadays, we’re starting to see actual results from that constant dedication.”
In a time when almost two-thirds of all Americans believe the federal government should do more to fight climate change, Palmetto is doing its part to scale its services and solutions to make a future powered by clean energy. The capital will be used for staff growth, focusing on R&D, applications, data science, and the buildout of customer solutions, supporting Palmetto’s continued geographical expansion.
“The potential for rooftop solar and the electrification of houses in the U.S. is enormous, and the competitive landscape is fairly fragmented with just a few dominant players,” said Robert Linck, Chief Investment Officer, Shell Ventures. “Palmetto’s system strategy and plans for further products and services like EV charging, invoice management, and energy retail are fascinating and will allow them to offer consumers genuinely integrated renewable energy solutions.”
From Brock Smith, Managing Director at Evergy Ventures, as more pressure is put on decarbonization in the market, legislative bodies, and regulatory agencies, Palmetto will be well-positioned to fulfill those requirements.
“Palmetto’s unique business model, which uses an end-to-end platform for enterprise customers in addition to opening up opportunities for people to make an immediate effect on carbon reduction through earnings, positions the company well for an increasingly electronic and decentralized workforce in clean energy.
Palmetto is more forward-looking than the traditional publicly-traded vertically integrated solar suppliers. The company has shown a very clear route to client acquisition price reductions that are essential to accelerate solar installation around the United States.”
Brock Smith, Managing Director at Evergy Ventures
Greycroft directed Palmetto’s Series A round in 2018 and has since seen the company take enormous strides in new sales, product lines, engineering, and its group.
“Renewable energy is the future, and Palmetto has the ideal platform to deliver renewable energy services and products into the market in a economical and scalable manner,” explained Will Szczerbiak, Primary, Greycroft. “The leadership group and the community of partners they have assembled is best in class, resulting in considerable growth. We are eager to continue being a part of their growth story.”
