Dandelion Energy today announced the closure of a $70 million B1 funding round to scale geothermal in the US, but it quietly left Vermont in the fall.
The B1 funding round was co-led by LENX, the corporate venture arm of homebuilding company Lennar, and NGP ETP, the energy transition investing platform of NGP. Bill Gates’ Breakthrough Energy Ventures, NEA, GV, Collaborative Fund, and Building Ventures also participated.
In February 2021, Dandelion Energy announced the close of a $30 million Series B round of funding that was led by Breakthrough Energy Ventures.
Dandelion says it will use the capital to invest in a broader range of products capable of serving more customers and geographies. It has more than tripled its commercial operations in 2022, and this funding will help to continue that expansion in retrofit and new construction markets.
The company asserts that adopting its geothermal system will reduce a household’s energy expenses by 47% annually, and that it can increase a home’s resale value by up to 7.1%. There are also tax credits – 30% – and up-front rebates after the passage of the Inflation Reduction Act.
When Electrek spoke with Dandelion Energy president Kathy Hannun in September 2020, she explained that Dandelion expands when utilities want to actively work with the company, and it also moves into places where they can easily send their drilling crews. In October, the company reached its 1,000th installation.
Dandelion Energy expanded residential geothermal to Vermont in May 2021. Yet when Electrek checked Dandelion’s website to see which states it’s currently serving, it now only lists New York State, Connecticut, and Massachusetts. A reliable source tells us that Dandelion left Vermont this fall.
We asked a representative at Green Mountain Power about Dandelion’s departure from the Green Mountain state, and they replied:
GMP offers rebates to help customers use geothermal, and are excited to keep helping customers cut carbon and costs by electrifying their home heating. We are also supporting this important change through heat pump rebates and other customized solutions for customers. We are excited to keep partnering with businesses on clean heating solutions like geothermal.
We’ve asked Dandelion Energy’s spokesperson why the company left Vermont and are waiting to hear back. We will update this story when we do.
If you live in Massachusetts, New York State, or Connecticut, and you’d like to learn whether Dandelion Geothermal would work for your home, please click here.
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