Dandelion Energy Closes $40M Series C Funding Round to Expand Geothermal Offerings Nationwide

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Sep 24, 2024, 08:30 ET

The new funding will accelerate Dandelion's nationwide expansion of both its revolutionary heat pump technology and its turnkey service to the nation's largest multifamily developers and home builders

ARLINGTON, Va., Sept. 24, 2024 /PRNewswire/ -- Dandelion Energy, the nation's leading home geothermal company, today announced the closure of a $40M Series C funding round led by GV (Google Ventures) and supported by Collaborative Fund, LenX, Breakthrough Energy Ventures, and NGP. The investment round will fuel the company's two-pronged nationwide expansion: distributing its revolutionary heat pump technology to installers and homeowners, and implementing large projects for production home builders and multifamily developers. This fundraise follows the company's $70M Series B1 funding completed in 2022, and founder Kathy Hannun's inclusion on CNBC's inaugural Changemakers List, and new Chief Revenue Officer, Lauren Howard, joining the team in 2024.

"Dandelion is becoming the preferred partner—nationwide—to the country's largest home builders and multifamily developers as they shift to building fully electrified homes," said Dandelion CEO, Dan Yates. "Dandelion's current and upcoming projects range from thousand+ single family home developments to multifamily buildings with hundreds of apartments," he continued.

"Builders are choosing Dandelion geothermal because it's the highest quality and least expensive option for building heating and cooling. Dandelion's efficient, scaled operations give the company a unique position in the market. We're proud to be repeat investors in Dandelion as they continue to have an enormous impact in geothermal energy," said Erik Nordlander, General Partner at GV and Board Member at Dandelion.

In addition to this investment serving the builder market, Dandelion continues to lead the nation with novel product development to make geothermal installations increasingly simple and cost effective. The recent launch of the groundbreaking Dandelion Geo heat pump anchors Dandelion's leadership position in the geothermal heat pump market. The Dandelion Geo delivers the highest heating performance ever measured by industry standards organization AHRI for a production heat pump. Craig Shapiro from Collaborative Fund added "Dandelion is leading the geothermal industry in research and development. Their steady drum beat of product innovations promise a future of affordable, ubiquitous, geothermal heating and cooling across the country."

Lauren Howard, Dandelion's new CRO, serves as the commercial leader responsible for driving growth strategies and leading go-to-market teams. Before joining Dandelion Energy, Lauren served as Chief Revenue Officer at Airtower Networks, one of the Fastest-Growing Private Companies in America (Inc. 500). At Airtower she was responsible for leading, building, and scaling all aspects of the commercial organization.

"I am honored to join Dandelion at such a significant time for the company's growth and impact towards its mission: to make this renewable, cost-effective and healthy form of heating and cooling more accessible nationwide," said Howard. "I look forward to working with our teams to make geothermal heat pumps a standard in new residential construction and to drive successful adoption for current homeowners as we build out our nationwide installation network."

About Dandelion Energy
Dandelion Energy is the nation's leading home geothermal company. By making geothermal heating and cooling systems simple and affordable, Dandelion empowers modern homeowners and home builders to adopt premium, emissions-free heating without a premium price tag. Together with the customers we serve, we are shifting the built environment away from fossil fuels using resilient, local, low-cost geothermal energy. To learn more, visit https://dandelionenergy.com.

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SOURCE Dandelion Energy