Energy Impact Partners (EIP), an utility-backed energy investment firm, announced that it has provided up to $20 million in financing facilities to Palmetto Clean Technology, a solar and platform technology and fulfillment company focused on the distribution and democratization of clean energy products.
“We are continually focused on reinventing the clean technology sector and bringing innovation through software, fulfillment, customer service and structured finance,” said Chris Kemper, founder, CEO, and chairman of Palmetto. “We aim to deliver a platform to enable other entrepreneurs to launch, build and scale their own businesses by utilizing our platform. These funds will help facilitate growth of the platform and shorten the cash flow cycles that have been the root problem for many in this industry.”
This announcement comes on the heels of Palmetto’s last capital raise in the fall, of $6 million. The round was led by Greycroft, with participation from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern.
“We continue to see opportunities in both the direct-to-consumer and cleantech sector. Palmetto offers a similar business-to-business-to-consumer platform that provides homeowners a seamless way to go solar and save money while doing so,” said Alan Patricof, founder of Greycroft.
EIP invested in Palmetto via its Energy Impact Credit Fund (EICF), the company’s credit platform. The financing will be used to expand Palmetto’s North American presence, increase staffing and develop programs to drive sales.
“For the everyday consumer to focus on the renewable energy initiative is at an all-time high right now,” Stern said.
News item from Energy Impact Partners