BlocPower, a New York-based climate technology company focused on greening America's buildings, announced a fundraising round of $150 million, including over $24 million of Series B corporate equity led by VoLo Earth Ventures and $130 million of debt financing led by Goldman Sachs.
Microsoft Climate Innovation Fund, Credit Suisse, Builders Vision, New York State Ventures, Unreasonable Collective, Kimbal and Christiana Musk, Gaingels, Van Jones, Kapor Capital, My Climate Journey, Tale Venture Partners, and NBA superstar and entrepreneur Russell Westbrook also joined the equity round.
To date, BlocPower has raised over $250 million of capital to finance building decarbonization in low-income communities. The investment round will drive BlocPower's mission by expanding heat pumps and building electrification programs across the U.S.
BlocPower will further develop its highly differentiated, proprietary BlocMaps SaaS analytics platform; grow its financing and administrative capabilities; and broaden its Civilian Climate Corps green workforce initiative, focused on training and hiring at-risk individuals in vulnerable communities.
"Since 2014, BlocPower has focused on decarbonizing America's urban core, developing the green economy's workforce, and bringing climate justice to underserved and vulnerable communities. We are fighting the climate crisis while improving quality of life for city residents. Series B equity and working capital financing from Goldman Sachs will allow us to accelerate building decarbonization across America. We will help low-to-moderate income communities to access the benefits of President Biden's once in a lifetime green economy investment," said Donnel Baird, CEO and founder of BlocPower.
In addition to the new fundraising round, BlocPower launched its corporate rebranding, representing a new chapter of growth, maturity, and continued momentum for the company.
Company: BlocPower Public Benefit Corporation
Raised: $150.0M
Round: Series B, Debt Financing
Funding Month: March 2023
Lead Investors: VoLo Earth Ventures and Goldman Sachs
Additional Investors: Microsoft Climate Innovation Fund, Credit Suisse, Builders Vision, New York State Ventures, Unreasonable Collective, Kimbal and Christiana Musk, Gaingels, Van Jones, Kapor Capital, My Climate Journey, Tale Venture Partners, and Russell Westbrook
Company Website: https://www.blocpower.io/
Software Category: Energy Solutions
About the Company: BlocPower is the U.S. climate technology rapidly greening American cities. It uses proprietary technology to analyze, finance, and upgrade homes and buildings with the latest in energy-efficient, electric technology and appliances. Since its founding in 2014, the company has completed energy projects in more than 5,000 households, commercial buildings, and houses of worship. BlocPower utilizes its proprietary software for analysis, leasing, project management, and monitoring of clean energy projects. BlocPower has added several new American geographies to BlocMaps, which is now being used by municipalities and utilities in New York City, Ithaca, San Luis Obispo, Chicago, and other cities to develop and implement equitable, data-driven decarbonization strategies.
Source: https://www.blocpower.io/posts/series-b-financing-rebrand-vp-harris