Venture Capital: Urban Clean Energy Startup BlocPower Gets $5.5M From The Bezos Earth Fund
BlocPower is a CNBC Disruptor 50 company.
BlocPower, a Brooklyn-based energy technology startup focused on decarbonization of buildings and cities, received a $5.5 million grant from the Bezos Earth Fund. The amount was part of new donations of $443 million that the Fund disbursed to various climate and environmental groups this week. (CNBC)
The grant to BlocPower is a part of the Justice40 initiative in the US, designed to deliver at least 40% of the overall benefits from federal investments in climate and clean energy to disadvantaged communities.
BlocPower utilizes its proprietary software for analysis, leasing, project management, and monitoring of urban clean energy projects. Its customers are thereby saving 20-40% on their energy bills each year.
Investors in the startup include Kapor Capital, one of Uber’s (NYSE: UBER) first investors, Andressen Horowitz, early investor in Facebook (NASDAQ: FB), Twitter (NYSE: TWTR), AirBnB (NASDAQ: ABNB) and Lyft (NASDAQ: LYFT), the former Chairman of Google (NASDAQ: GOOGL), and American Family Insurance Institute for Corporate and Social Impact.
BlocPower has already completed 1,000 green energy projects in the NYC area. It will use the grant from the Bezos Earth Fund to add 125 million buildings and additional cities to its BlocMaps software database. BlocPower founder and CEO Donnel Baird estimates that 100 million buildings across the U.S. waste $100 billion a year on fossil fuels.
BlocPower’s process also increases investment opportunities in underserved communities.
Though targeting environmental benefits and a green cities mission, the company’s emphasis on energy efficiency saves operating costs and improved building valuations, particularly in low income areas.
“Disadvantaged communities have borne the brunt of environmental damage for too long and are key players in driving the necessary solutions,” said Lauren Sanchez, Vice Chair of the Bezos Earth Fund. “With each grant we make, we are supporting leading institutions working with communities to advance climate justice efforts.”
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