Clean Energy Tech Company Palmetto Raises $6M in Funding from Big Investors
CHARLESTON, S.C.--(BUSINESS WIRE)--Sep 4, 2018--Palmetto, a clean technology company focused on the distribution and democratization of clean energy products, announced today that it has raised $6 million. The round was led by Greycroft, with participation from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern.
Palmetto harnesses its expertise in software, fulfillment, and financial solutions to streamline the deployment of clean technology products to homeowners. The firm has structured, financed, and developed clean energy projects across four continents and 22 countries since its inception in 2009, but today focuses solely on the residential sector in North America.
“For the last decade, our focus has been to educate the broader market about the value of a clean energy future. For most of our customers, that equates to one question – can clean technology help me save money?” said Chris Kemper, Founder & CEO of Palmetto. “With this round, we plan to broaden the reach of Alchemy, our core software product. The solution helps our solar sales partners streamline the selling process by giving agents the ability to generate custom proposals in less than 30 minutes and by brokering access to industry leading financing, policy insights, installation services, and fulfillment. As Alchemy drives distribution, in time, we expect our brand will become the go-to source for consumer utility savings across the country and beyond.”
Palmetto focuses on residential solar, storage, energy efficiency, and in-home IoT products that help consumers save. Other services range from energy consumption analytics to solar production support.
“We’ve reached an inflection point in the renewable market where transitioning to solar can create immediate cost savings for homeowners with no cash outlay, ” said Greycroft Principal Will Szczerbiak. “Palmetto’s solutions enable distribution at scale via a large network of solar dealers, and by delivering a best in class experience to homeowners, Palmetto is positioning itself to power the world’s transition to a clean energy future.”
Installation of products and services sourced through Palmetto can help consumers shave significant dollars off their annual electric bills while reducing their personal carbon footprints.
On explaining his reason to invest in the clean energy firm, former NBA Commissioner David Stern said, “In today’s political climate, it has become clear that it will be the burden of business and the populace to make clean energy a priority.” Stern continued, “This team has the right mix of passion and experience to lead us into a future powered by renewable energy. I am excited to be part of such an important company.”
Palmetto is the leading clean technology software and fulfillment platform company. Palmetto is scaling the deployment of consumer cost-saving clean technology products such as energy storage, solar power, demand management systems, energy efficiency and beyond. Through our advanced technology, we are gaining intelligent insights to reduce cost of customer acquisition among other obstacles that have limited success of the overall sector. Palmetto continues to innovate a proprietary product pipeline, which will lead the sector in shaping consumer energy consumption behavior. Palmetto is based in Charleston, South Carolina with offices throughout the United States including Charlotte, San Francisco and Salt Lake City. For more information please visit www.Palmetto.com
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world - New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages $1.3 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeahka. For more information please visit www.greycroft.com
About Lerer Hippeau
Lerer Hippeau is the most active early-stage venture capital fund in New York City. With investments in leading consumer and enterprise companies, the firm focuses on backing founders with product vision, customer insight, and a strong focus on brand. For more information please visit www.lererhippeau.com
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