Dandelion Energy has raised $70 million (£59m) in its latest funding round to scale geothermal heating and cooling solutions.
Co-led by ENX, the corporate venture arm of homebuilder Lennar and NGP ETP, the energy transition investment platform of NGP, the investment will support the expansion in retrofit and new construction markets.
In addition, as uptake of heat pumps increase, Dandelion will use the funding – also provided by Breakthrough Energy Ventures, NEA, GV, Collaborative Fund and Building Ventures – to invest in a broader range of products.
Dandelion believes with home heating and cooling accounting for more than half of a home’s energy consumption, heat pumps are increasingly considered a compelling alternative to traditional gas-powered furnaces.
Michael Sachse, CEO of Dandelion Energy said: “We are thrilled to welcome these incredible investors to our board. Together, LENX and NGP ETP bring unparalleled expertise in consumer behaviour, new construction and energy economics – all of which are driving the transition to sustainable heating.
“Our goal is to be the Tesla of heating and cooling, and with this capital, we expect to make great strides down that path.”
Dandelion is working to mitigate climate change with renewable technologies that help decarbonise homes, with the company claiming its heating and cooling solutions allow homeowners to save up to 50% on their bills and reduce carbon emissions by up to 80%.
Maritza Liaw, Partner at NGP added: “The building sector is a significant contributor to global greenhouse gas emissions and electrified heat pumps are a cost-effective and well-tested method of meaningfully reducing building sector emissions.
“Ground source heat pumps have among the lowest carbon emissions and lowest operating costs of all heating systems. Dandelion provides a full suite of services from design through installation of a high-quality system, simplifying the process for homeowners and we are pleased to partner with this outstanding team.”