# Palmetto Solar

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/palmetto-solar

- Industry: Renewable Energy
- Headquarters: Charlotte, US
- Website: www.palmetto.com/
- Total disclosed funding: $404M
- Latest round: Series C (Feb 24, 2022)
- Investors on record: 11

## About

Based in the US, Palmetto Solar, LLC is a renewable energy company focused on providing solar energy systems, HVAC solutions, and energy advisory services to residential customers seeking sustainable energy alternatives.Palmetto Solar, LLC specializes in solar energy solutions and was founded in 2009 in Charlotte, US. The company has raised a total of USD 300.00 mn across its funding rounds, with the latest round occurring in January 2025. The firm was co-founded by Chris Kemper and Jared Wray.Palmetto Solar, LLC specializes in providing renewable energy solutions primarily through solar energy systems, HVAC systems, and energy advisory services. Their core offerings include the sale and installation of solar panels, which serve residential customers seeking to reduce their energy costs and carbon footprint. The company also provides HVAC solutions aimed at enhancing home comfort by electrifying heating and cooling systems, making them more energy-efficient. Palmetto's Energy Advisor service assists customers in understanding their energy needs and optimizing their energy consumption. The geographical markets for these products and services include states such as Arizona, California, Colorado, Florida, and Texas, among others, targeting environmentally conscious homeowners and businesses looking to transition to cleaner energy sources.Palmetto's revenue model primarily revolves around direct-to-consumer sales, subscription services, and partnerships with various stakeholders in the energy sector. Customers engage with the company through financing options like the LightReach Energy Plan, which allows them to access solar technology without upfront costs. Transactions typically involve customers selecting solar packages and HVAC solutions, with pricing structured around the specific products chosen and any associated installation services. By streamlining the purchasing process and offering detailed savings forecasts, Palmetto aims to attract a diverse client base that includes both residential homeowners and commercial enterprises seeking sustainable energy solutions. The company's revenue is derived from these transactions, encompassing both one-time purchases and long-term service agreements.In January 2025, Palmetto Solar, LLC raised USD 300.00 mn in venture funding from unspecified investors. The company plans to utilize this funding to deploy its leased solar, heating, and cooling systems for residential customers and expand its home electrification projects. This includes the launch of new products designed to enhance their current offerings while targeting additional geographic markets to expand their reach.

## Funding rounds

- Series C, Feb 24, 2022, $375M — Lerer Hippeau Ventures, Social Capital, ArcTern Ventures, MKB, Gaingels
- Series B, Aug 3, 2020, $29M — Greycroft, Lerer Hippeau Ventures, ArcTern Ventures, BoxGroup, Shell Ventures, Evergy Ventures, Falkon Ventures, Leto Ventures

## Investors

- Greycroft (https://capitalatlas.ai/funds/greycroft) — Series B
- Lerer Hippeau Ventures — Series B, Series C
- ArcTern Ventures (https://capitalatlas.ai/funds/arctern-ventures) — Series B, Series C
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Series B
- Shell Ventures (https://capitalatlas.ai/funds/shell-ventures) — Series B
- Evergy Ventures (https://capitalatlas.ai/funds/evergy-ventures) — Series B
- Falkon Ventures (https://capitalatlas.ai/funds/falkon-ventures) — Series B
- Leto Ventures — Series B
- Social Capital (https://capitalatlas.ai/funds/social-capital) — Series C
- MKB (https://capitalatlas.ai/funds/mkb) — Series C
- Gaingels (https://capitalatlas.ai/funds/gaingels) — Series C