Dandelion Energy, a home geothermal company, has announced the close of a $30 million Series B round of funding, bringing the company’s total funding to $65 million. The raise was led by Breakthrough Energy Ventures with participation from existing investors, including GV, NEA, Lennar Corporation, Collaborative Fund, Building Ventures, Catchlight Ventures, and GroundUp.
This new investment enables the company to expand operations, while continuing to invest in research and development.
“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, Breakthrough Energy Ventures. “Dandelion’s geothermal heat pumps provide an efficient electric heating and cooling system that lowers the cost of heating and cooling for homeowners, no matter their region or climate. We’re looking forward to working with Dandelion as they look to fully displace fossil fuels from the home’s heating and cooling systems.”
This news closely follows a momentous 2020 year for the company, marked by a $12 million Series A-1 in January 2020 and an expansion of operations into Connecticut. In 2020, Dandelion also developed a fully virtual sales and design process and surpassed 100,000 tons of carbon emissions avoided.
“Breakthrough Energy Ventures is the leading climate tech investor, and we could not be more thrilled to welcome them to Dandelion,” said Michael Sachse, Dandelion’s CEO. “We always knew that geothermal was the single best thing you can do for your home from a sustainability perspective. Dandelion has proven that geothermal is a cost-effective option for consumers that can be delivered at scale. Now we look forward to partnering with BEV and our existing investors to expand our reach, deepen our research and development, and bring sustainable heat to the millions of homes that need it.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.