Seattle-based renewable energy marketplace LevelTen Energy is looking to grow on the heels of the $65 million Series D round it raised July 16.
According to LevelTen Chief Financial Officer Ross Trenary, the company has about 130 employees but aims to have close to 200 a year from now. A little more than half of LevelTen's employees are based in the Seattle area.
The company earlier this year moved from Seattle's Fremont neighborhood to its new Belltown headquarters at 2211 Elliott Ave.
"We look forward to hiring more of the best professionals in the Seattle area and beyond," Trenary said.
LevelTen operates in 32 markets across North America and Europe. The new funding will help the company expand its operations. Trenary said LevelTen's near-term expansion plans include Asia-Pacific countries like Australia, Japan and countries in southeast Asia, but LevelTen could also target other markets.
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LevelTen, founded in 2016, allows buyers of renewable energy to connect with project developers. A large corporation aiming to pay for renewable energy to reduce its carbon emissions, for example, could use LevelTen to find a project in search of a purchasing agreement. These purchasing agreements, Trenary said, are crucial for developers to get funding. The company also allows developers to sell to other developers.
LevelTen makes money from fees for transactions on its marketplace, and it charges subscription fees for analytics it provides to clients. Starbucks, Accenture and Gap use LevelTen, according to LevelTen's website.
LevelTen has raised more than $125 million since its founding. The company raised a $35 million Series C round in 2021 and a $10 million follow-on round in December 2023. LevelTen has facilitated more than $14.8 billion in renewable energy transactions and has more than 1,000 developers in its network.
"Fossil fuel energy is tradable in real time on exchanges across the globe, and renewable energy isn't," Trenary said. "It needs to be, and that's what we're doing."
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