BlocPower is on its way toward “electrifying” the U.S.
On March 1, the climate technology startup announced that it had raised a fundraising round of $150 million — bringing it to a total of $250 million in capital — according to a press release.
The fundraising round included over $24 million of Series B corporate equity led by VoLo Earth Ventures and $130 million of debt financing led by Goldman Sachs. Fellow investors in the equity round were 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 star Russell Westbrook.
“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,” Donnel Baird, CEO and founder of BlocPower, said in the press release. “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 investments.”
BlocPower had a Series A fundraising round in 2021.
Since its Series A funding round in 2020, according to the release, BlocPower has seen 4,000% revenue growth and completed decarbonization projects to more than 5,000 apartments, homes, houses of worship, and commercial buildings.
The Series B funding is set to expand heat pump and building electrification programs across the U.S. to “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.”
In addition to the new funding, the press release noted that Vice President Kamala Harris is honoring BlocPower as an Emerging Leader at her residence in Washington, D.C.