Cottrill Research, LLC

LevelTen Energy is Thriving Riding the Corporate Renewable Energy Procurement Growth Wave

LevelTen Energy is Thriving Riding the Corporate Renewable Energy Procurement Growth Wave

Photo by Matthew T Rader on Unsplash

According to the Renewable Energy Buyers Alliance, 2019 set another record for corporate renewable energy agreements. There is one company in particular that is innovating to allow for corporate procurement of clean energy to be less complex, more transparent and open for all participants: LevelTen Energy.

LevelTen Energy Overview

Seattle-based LevelTen Energy was founded in 2016 to allow companies to buy renewable energy quickly and efficiently online. LevelTen Marketplace, part of an online platform that also offers Performance Monitoring and RFP Automation, connects renewable energy buyers and sellers. By aggregating both buyers and sellers, small and medium sized corporations now have access to the same projects and terms as those available to larger energy buyers. LevelTen’s technology can aggregate multiple buyers, as proved at the beginning of 2019 when Bloomberg, Cox Enterprises, Gap Inc., Salesforce and Workday signed agreements to purchase 42.5 megawatts of solar power, “creating a new blueprint for renewable energy aggregation.”

2019 Was a Good Year

LevelTen in June raised $20.5 million in a Series B funding round bringing the company’s total funding to $27.3 million. Also in June, LevelTen announced the close of a three-project renewable energy portfolio purchased by Starbucks. “The deal allows Starbucks to simultaneously procure a fraction of the power generated by multiple energy products. Until recently, the purchasing model has been that of one corporate buyer to just one energy project.” In September, LevelTen’s Performance Monitoring was released that provides real time access to all PPA (Power Purchase Agreements) data in a single online dashboard. In October, LevelTen announced it had expanded its marketplace to Europe.

PPA Price Index

In an effort to bring transparency to the market, LevelTen provides a quarterly in-depth look at PPA offer price averages submitted through the LevelTen Marketplace, for both wind and solar projects, in five independent system operator regions, including CAISO, ERCOT, MISO, PJM and SPP. This excellent resource (Index) is open access.

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