BlocPower Issues First Climate Impact Note for Retail Investors After Raising $63 Million to Green Urban Buildings
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Funding Satisfies Demand for Residents to Invest in their Local Neighborhoods Across the U.S. to Address Climate Change, High Unemployment Rates, Public Health and Economic Inequality NEW YORK (PRWEB) March 12, 2021 BlocPower, a Brooklyn-based climate tech startup that is rapidly greening American inner cities, today announced that it has issued the first Climate Impact Note, a peer-to-peer crowdfunded debt offering. BlocPower is raising up to $1 million in project-level debt to satisfy demand from consumers and retail investors seeking to invest in clean energy projects in their cities.
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Buildings generate 80% of New York City’s greenhouse gas emissions. Improving energy efficiency isn’t only important to the environment but it also reduces costs, making housing more affordable in the long run.
BlocPower is an energy technology startup that combines technology with structured finance solutions to encourage business owners to abandon their existing, obsolete heating and cooling solutions and replace them with sustainable alternatives. The company leverages machine learning to identify the buildings that will benefit the most from energy savings. For building owners, there is no upfront cost and repayment comes directly from energy savings. The company has already retrofitted 1000+ buildings in NYC and is expanding its efforts nationwide with projects in progress in 24 cities.
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Black-Owned ‘Climate Tech’ Startup Making Inner Cities Greener Raises $63 Million
A Black-owned climate technology startup is making waves in the industry, and investors are taking notice. BlocPower just raised $63 million to fund its work transforming old buildings into smarter, greener facilities with electric heating and cooling systems to save amounts of energy.
Donnel Baird (Credit: BlocPower.io)
In a Series A round, BlocPower raisedthe $63 million ($55 million debt and $8 million equity) from American Family Insurance Institute for Corporate and Social Impact, AccelR8 and The Goldman Sachs Urban Investment Group. CityRock Venture Partners, ElementalExcelerator, Kapor Capital, Salesforce Ventures and The Schmidt Family Foundation also participated in the funding round.