Dandelion Energy, a leading US geothermal company, today announced the closing of a $70 million Series B1 funding round co-led by LEN, the corporate venture capital arm of Lennar, one of the leading US home builders, and NGP ETP. energy transition investment platform NGP. Breakthrough Energy Ventures, NEA, GV, Collaborative Fund and Building Ventures participated in the round.
The fundraiser reflects the size of Dandelion’s opportunity and its enormous growth. As Dandelion more than triples its commercial operations through 2022, funding will continue to expand in the renovation and new build markets. In addition, as heat pumps become popular, Dandelion will use the funds to invest in a wider range of products serving more customers and regions.
Dandelion products are at the intersection of sustainability and affordability. With home heating and cooling accounting for more than half of a home’s energy consumption, heat pumps are increasingly seen as a powerful alternative to traditional gas stoves. This technology with a long history is stable, economical and reliable. The passage of the Inflation Reduction Act of 2022 has made geothermal heating and cooling more affordable than ever, offering tax credits and other financial incentives to homeowners who adopt heat pump technology.
“We are delighted to welcome these incredible investors to our board of directors. Together, LENX and NGP ETP bring unrivaled expertise in consumer behavior, new construction and energy economics, all of which are driving the sustainable heating transition,” said Michael Sachs, CEO. Dandelion Energy company. “Our goal is to become a Tesla in heating and cooling, and with this funding, we hope to make great strides along the way.”
Dandelion Energy brings state-of-the-art high efficiency heat pumps to homes with its geothermal heating and cooling systems, allowing homeowners to replace existing HVACs or build new ones and upgrade them to easily incorporate this technology. The company recently celebrated the release of its 1000th geothermal plant. Heating is a huge cost and a large part of a home’s carbon footprint for most homes. By switching to geothermal heat using dandelions, families significantly reduce their footprint while ensuring their own energy availability in the long run.
“Lennar is passionate about learning about technologies and creating solutions that make homes more energy efficient and affordable for customers,” said Eric Feder, president of LENX. “We look forward to continuing to work with the Dandelion team in our collaborative effort to reduce geothermal heating.” and cooling costs, as well as provide homebuyers with options for more energy efficient homes.”
“The construction industry is a significant contributor to global greenhouse gas emissions, and electrified heat pumps are a cost-effective and proven way to effectively reduce emissions in the construction industry,” said Maritza Liav, partner at NGP. systems, Ground source heat pumps have the lowest carbon footprint and operating costs. Dandelion provides a complete package from design to installation of a high quality system that simplifies the process for homeowners and we are delighted to work with this excellent team. ”
To learn more about geothermal heating and cooling, or to see if your home is the right fit, visit https://dandelionenergy.com/.
As the nation’s leading residential geothermal energy company, Dandelion Energy helps homeowners move away from fossil fuels. Providing modern homeowners with convenient and affordable geothermal heating and cooling systems, Dandelion is working to mitigate climate change with renewable technologies that decarbonize homes. Today, Dandelion’s heating and cooling solutions enable homeowners to save up to 50% on their heating and cooling bills and help protect the environment by reducing home CO2 emissions by up to 80% by eliminating traditional systems. The state-of-the-art ground source heat pump system offers Wi-Fi enabled monitoring, creating a smarter, faster and more innovative approach than any other HVAC system on the market. To learn more, visit www.dandelionenergy.com.
Founded in 1954, Lennar Corporation is one of the nation’s leading manufacturers of quality homes for all generations. Lennar builds affordable, mobile and active adult homes primarily under the Lennar brand. The Lennar Financial Services segment provides mortgage financing, title and closing services primarily to Lennar home buyers and originates primarily commercial real estate-backed mortgages throughout the United States through LMF Commercial. Lennar’s Multifamily division is a national developer of luxury multi-family rental properties. LENX manages Lennar’s technology, innovation and strategic investments. For more information about Lennar, visit www.lennar.com.
NGP ETP is the NGP Power Transmission Platform. NGP ETP works with senior management teams and invests in companies that can contribute to the development of renewable energy, electrification of the economy or more efficient use of energy. Founded in 2005, NGP ETP is one of the most experienced energy transition investors in the industry. For more information, visit www.ngpenergycapital.com/energy-transition.