Ethical Electric, the D.C.-based company that sells renewable electricity, has closed a Series AA round of $2.4 million. Brian Arbogast, a member of Seattle-based Northwest Energy Angels will join Ethical Electric’s board of directors as part of the transaction.
Ethical Electric Closes $2,420,000 Series AA Round
Led by Seattle-Based Northwest Energy Angels, Funding Will Accelerate Launch of Program That Enables Consumers to Buy 100% Renewable Energy From Local Sources
WASHINGTON, DC–( Dec 14, 2012) – Ethical Electric, a company that sells 100% renewable electricity to consumers and businesses as an online service, today announced the close of its Series AA round with a total investment of $2,420,000. Seattle-based Northwest Energy Angels (NWEA), a group of angel investors focused on clean technology, led the round. As part of the investment, Brian Arbogast, a member of NWEA will join Ethical Electric’s board of directors. Ethical Electric will use the funding to accelerate operations, grow their team and launch marketing campaigns in their initial markets.
“We chose the Northwest Energy Angels for not just the investment dollars, but more importantly their experience, knowledge and network in the renewable energy ecosystem,” said Ethical Electric founder and CEO, Tom Matzzie. “This round of funding officially kicks off our national program that provides conscious energy consumers with clean, sustainable electricity.”
“Ethical Electric offers consumers and businesses a unique way to power their homes and buildings with clean energy without the high up-front costs typically associated with solar or other types of on-premise clean generation,” said Brian Arbogast, a board director for Northwest Energy Angels, who led the group’s investment team. “By letting energy purchasers vote directly with their dollars, Ethical Electric will hasten the development of clean energy projects across the country. Tom is an accomplished entrepreneur with a proven track record and we’re ready to help him succeed.”
Currently, the process for purchasing clean and renewable energy is complicated, expensive or both. Ethical Electric gives consumers a simple way to buy 100% renewable energy. When customers enroll with Ethical Electric the company coordinates with the energy markets and their local utility to ensure money they pay on their power bill directly supports renewable energy from local sources. No home visit, construction project, or credit card enrollment is required.
Ethical Electric will begin operations by first providing service to New Jersey and Pennsylvania. It will expand into other states with de-regulated energy markets within the first two months of operation. Ethical Electric will purchase wind and solar power through power purchase agreements and credits.
According to the report, “Consumer Attitudes About Renewable Energy: Trends and Regional Differences” issued by The Natural Marketing Institute: “The majority of consumers (80%) indicated that they care about the use of renewable energy.”http://apps3.eere.energy.gov/greenpower/pdfs/50988.pdf.
Ethical believes it can convert this enthusiasm into action through its convenient, new model to provide consumers with clean energy while also fostering growth in renewable energy projects across the country.
About Ethical Electric
Ethical Electric was founded in 2011 by CEO, founder and former MoveOn.org Director, Tom Matzzie. Ethical Electric is not just an energy marketer, but rather a platform for change and advocacy that brings clean and responsibly sourced power to homes and businesses, while also funding new wind and solar projects. More information is available via the web at http://ethicalelectric.com/
About Northwest Energy Angels
Northwest Energy Angels, founded in 2006, is the first angel investment group in North America to focus exclusively on the cleantech industry, and continues to be a leading funder of early stage clean tech companies across the country. A non-profit organization, NW Energy Angels helps create successful cleantech companies by connecting promising entrepreneurs with experienced cleantech investors. NW Energy Angel members add value to the companies they invest in and act as a bridge to institutional investors. To date, members have invested more than $8.6 million in 38 companies in Washington, Oregon, California, Colorado, Maryland, Washington, D.C. and British Columbia, Canada. More information is available via the web at: www.nwenergyangels.com.