Utility partners invest $20 million in US clean energy firm


A consortium of utilities and energy stakeholders has announced $20 million in funding to accelerate the adoption of clean energy technologies.

Energy Impact Partners has invested in Palmetto Clean Technology to enhance the distribution and democratisation of clean energy products including energy storage, solar power, demand management and energy efficiency systems.

The development follows Palmetto Clean Technology securing $6 million in funding from Greycroft.

Energy Impact Partners has injected the $20 million through its Credit Fund to help the solution provider to expand it’s North American presence, increase staffing and develop programmes to drive sales.

Chris Kemper, CEO of Palmetto, said: “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.”

Energy Impact Partners has deployed over $200 million into advanced energy technology companies.

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.