Peekskill”™s Dandelion Energy has closed a $30 million Series B round of funding, bringing the company”™s total funding to $65 million.
Raising the money was led by Breakthrough Energy Ventures, with participation from existing investors, including GV, NEA, Lennar Corp., Collaborative Fund, Building Ventures, Catchlight Ventures and GroundUp.
The Peekskill firm said that installation of its geothermal heating and cooling system can reduce a home”™s carbon emissions by as much as 80%, while eliminating the need to buy heating fuel.
Dandelion said its business model aligns federal, state and utility incentives so that homeowners can upgrade to geothermal for less than they are currently paying to heat and cool their home. More than 70% of energy usages in homes comes from heating, cooling and water heating.
“Through a combination of technology, data and operations, Dandelion is making geothermal heating and cooling cost-effective for the residential market, and working to solve a critical need for homeowners and our energy ecosystem,” said Carmichael Roberts of Breakthrough Energy Ventures.
The news follows a $12 million Series A-1 in January 2020 and an expansion of operations into Connecticut last year. In 2020, Dandelion also developed a fully virtual sales and design process and surpassed 100,000 tons of carbon emissions avoided.
