Since launching just over a year ago, Climatize has successfully funded 11 solar energy projects totalling more than $4.6M from 950+ individual and institutional investors
SANTA CRUZ, Calif., Aug. 6, 2024 — Climatize, an SEC-registered impact investing platform that allows investors to fund renewable energy projects while earning up to 10% annually, announced today the close of a $1.75 million pre-seed round, led by Myriad Venture Partners. The round also includes investments from Climate Capital, Techstars, Responsibly Ventures, and Temerity Capital. Notable angel investors include the co-founder of GoFundMe, the former operating partner of Bessemer Ventures, and the head of Americas for a utility-scale renewable energy developer, Low Carbon.
Historically, small and medium-sized renewable energy projects across the US have been severely underfunded. Projects at this scale are not large enough for institutional capital, and they’re often too big for community lenders that aren’t familiar with renewable energy technology or economics. The S&P Global Clean Energy Technology Market Outlook projects that small-scale solar systems installed at or near the point of consumption will demand $1.5 trillion between 2022 – 2030, a figure that’s even larger than the utility scale demand of $1.3 trillion over the same period.
Climatize solves this by working with experienced renewable energy developers across states like North Carolina, Tennessee, Colorado, and Georgia to find high-quality projects and list them on the Climatize platform. Once these projects are on Climatize, any investor over the age of 18 that has a US bank account can fund these opportunities with as little as $10. Solar and other renewable energy technologies need to be deployed at a much faster rate for us to reach the ambitious carbon reduction targets established by the scientific community.
“Climatize was born from the 2019 Global Climate Strikes when we realized that traditional activism lacked tangible change,” said Will Wiseman, co-founder and CEO of Climatize. “We built the Climatize platform to enable anyone to become an active stakeholder in the energy transition by investing directly in renewable energy projects. We’re incredibly excited to continue deploying solar and other renewable technologies while giving investors an opportunity to increase their impact and diversify their portfolios.”
Over the past year, Climatize has made big strides towards its mission of creating the global network for climate-focused investors which will propel billions of dollars into renewable energy projects. This will help lower energy costs, electrify and decarbonize businesses, and mitigate the effects of climate change.
To date, Climatize’s platform has funded 11 projects across seven states thanks to the 950+ members who have invested over $4.6 million dollars. These investments have helped to install solar energy and battery storage for businesses such as farms, community centers, and houses of worship. These projects have resulted in 965 kW of new solar capacity and 1,357 kWh of energy storage added to the grid. Climatize’s platform has helped fund a number of projects for Ovanova, a solar developer based in the southeastern United States.
“Most banking institutions in rural communities have no idea how to loan capital against solar or other renewable energy assets, and as such many potentially lucrative projects aren’t built,” said Lester Crafton, CSO & co-founder of Ovanova. “Climatize has made it possible for rural small businesses and farmers to access capital that otherwise wouldn’t be available. Thanks to Climatize’s platform we were able to build several projects utilizing debt instead of our working capital.”
“We see a tremendous demand from businesses large and small for cleaner, cheaper and more reliable energy. Climatize is helping to achieve this by advancing renewable energy generation projects that are often underserved by traditional project financers,” said Tim Chiang, co-founder and partner at Myriad Venture Partners. “The future of clean energy is distributed, and Myriad is proud to support Climatize’s work to make clean energy financing more efficient, transparent & accessible for communities and businesses. We look forward to working closely with the Climatize team as they expand their offerings, partnerships, and ultimately, impact.”
Climatize expects to use these funds to expand their product and technology roadmap, improve the customer experience, develop partnerships with key stakeholders, and continue to attract top talent.
For more information about Climatize, please visit https://www.climatize.earth/.
About Climatize
Founded in 2023, Climatize is an SEC-registered impact investing platform that allows investors to fund renewable energy projects while earning up to 10% annually. Climatize works with dozens of renewable energy developers across the United States to source projects for its platform. Climatize’s investing platform allows any investor in the United States over the age of 18 to invest in renewable energy projects. Climatize’s co-founders, Will Wiseman and Alba Forns, are 2023 Forbes 30 under 30 recipients. Climatize was a finalist in Fast Company’s 2024 World Changing Ideas list for both the Company of the Year and Impact Investing categories. For more information about Climatize please visit https://www.climatize.earth/.
About Myriad Venture Partners
Myriad Venture Partners is an early-stage venture firm defining the future of business solutions. Investing in visionary AI, clean technology, and B2B software leaders, Myriad brings decades of expertise and a robust corporate and financial partnership network. By connecting entrepreneurs, corporate partners, industry leaders, and co-investors, Myriad is changing the ways businesses operate, compete, and create value.
SOURCE Climatize
