NEW YORK--(BUSINESS WIRE)--Energy Impact Partners (EIP), the leading utility-backed energy investment and innovation firm, today announced that it has provided up to $20 million in financing facilities to Palmetto Clean Technology, a platform technology & 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.
“For the everyday consumer to focus on the renewable energy initiative is at an all-time high right now," said former NBA Commissioner, David Stern.
EIP invested in Palmetto via their 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.
Harry Giovani, Managing Partner at EICF, commented: "We have been looking at this space for a long time and were extremely impressed with Palmetto's management and employee talent, as well as the way that all employees are laser-focused on driving the strategic vision of the firm. Chris has built a world class organization and we are excited to welcome them to the EIP family."
Greg Richards, EICF Managing Director, added: "Working in partnership with Chris and senior management, we were able to create a customized financing structure that benefits all stakeholders, positions Palmetto for sustained growth and helps the company achieve its strategic goals."
Palmetto is the leading clean technology software and fulfillment platform company. Palmetto is scaling the deployment of consumer cost-saving clean technology products such as energy storage, solar power, demand management systems, energy efficiency and beyond. Through our advanced technology, we are gaining intelligent insights to reduce cost of customer acquisition among other obstacles that have limited success of the overall sector. Palmetto continues to innovate a proprietary product pipeline, which will lead the sector in shaping consumer energy consumption behavior. Palmetto is based in Charleston, South Carolina with offices throughout the United States including Charlotte, San Francisco and Salt Lake City. For more information please visit www.Palmetto.com.
About Energy Impact Credit Fund
EIP established the Energy Impact Credit Fund to support U.S.-based small- and middle-market businesses, with a specific focus on energy-related investments. The group offers debt financing solutions such as first- and second-lien secured term loans and unsecured debt, leveraging EIP's existing infrastructure, deal flow, expertise in equity investing, and utility partner network to broaden the firm's financial solutions.
About Energy Impact Partners
Energy Impact Partners is a strategic private equity firm established in 2015 that invests in innovative technologies, services, and products throughout the energy supply chain from generation to consumption. It provides its strategic partners with critical information helping them plot a path into the future. Through close collaboration with its investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. The firm has already deployed over $200 million into advanced energy technology companies. For more information, visit www.energyimpactpartners.com.