Clean energy platform Palmetto announced that it has raised $150 million, aimed at supporting the company’s initiatives to spur adoption of clean energy and access to residential solar in the U.S.
The investment was provided by climate solutions-focused fund TPG Rise Climate.
Founded in 2009, Palmetto provides end-to-end solutions helping U.S. homeowners access solar energy, including handling sales, design, engineering, permitting and fulfillment, and enabling cost reductions using automated workflows, predictive algorithms, and local intelligence data.
According to Palmetto, based on its installations to date, it estimates homeowners are on track to avoid more than two million metric tons of CO2 emissions.
The company stated that the financing forms part of its push into expand its software and technology platform, which helps individuals, small business, and large corporations access and grow in the clean energy economy.
Chris Kemper, Founder and Chief Executive Officer at Palmetto, said:
“Palmetto’s values center around our customer-first focus. We’ve been working hard to reduce consumer costs, drive transparency and deliver a delightful consumer experience. TPG Rise Climate not only has deep experience across the clean energy supply chain, but this capital will also help us leapfrog some of our consumer product lines where we feel the market competition isn’t serving the consumer as optimally as they deserve.”
Launched in 2001 as part of TPG’s impact investing platform TPG Rise, TPG Rise Climate invests in companies that can enable carbon aversion in a quantifiable way, in areas including clean energy, enabling solutions, decarbonized transport, greening industrials, and agriculture and natural solutions.
Steven Mandel, Business Unit Partner at TPG Rise Climate, said:
“Our investment in Palmetto underscores our belief in the growth of residential clean energy solutions over the coming decade in the US and Palmetto’s ability to leverage its unique platform to further expand its market position.”