Climate tech company BlocPower announced that it has raised more than $150 million, with proceeds aimed at financing the growth and development of its platform focused on the decarbonization of buildings in low income communities.
The fundraising round included over $24 million of Series B corporate equity led by climate-focused venture investor VoLo Earth Ventures, and $130 million of debt financing led by Goldman Sachs, and brings BlocPower’s total capital raised to date to over $250 million.
Founded in 2014, BlocPower analyzes, finances and upgrades homes and buildings, utilizing proprietary software for analysis, leasing, project management, and monitoring of clean energy projects, with a focus on urban areas in the U.S. The company also runs a green workforce development initiative, Civilian Climate Corps, focused on training and hiring at-risk individuals in vulnerable communities.
The company has experienced rapid growth, with revenues increasing 40x since its 2020 series A financing, and with more than 5,000 energy projects completed to date.
Donnel Baird, CEO and founder of BlocPower, said:
“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.”
The company said that the new capital will help expand and finance decarbonization projects nationwide, including growing its heat pump and building electrification programs, as well as enabling the company to develop its proprietary analytics platform, grow its financing and administrative capabilities, and broaden its workforce development initiative.
Kareem Dabbagh, Managing Partner at VoLo Earth, said:
“BlocPower has proven that the right combination of technology, finance, industry know-how and determination can help tackle some of the world’s most difficult challenges, and we are excited to support the company as it embarks on its next phase of expansion.”