Ethical Electric said Tuesday that it has raised $11 million in Series A funding. A syndicate of investors led by Matthew Palevsky led the round. As a result of this transaction, Palevsky will join the company’s board of directors. Headquartered in Chevy Chase, Maryland, Ethical Electric is a provider of renewable energy.
WASHINGTON, Jan. 7, 2014 /PRNewswire/ — Ethical Electric, a renewable energy provider that connects consumers to 100% renewable energy in minutes with no change in their monthly payment routine, today announced $11 million in Series A funding confirmed on December 31, 2013.
A syndicate of investors led by entrepreneur and impact investor Matthew Palevsky leads this funding round. Matthew’s decade-long experience building large-scale, progressive campaigns to shift behavior makes him a perfect fit for the company’s core strategy and mission. Palevsky will also join Ethical Electric’s board of directors.
“Our business model offers the potential to shift a significant number of households to renewable energy sources and help transform the energy industry in the United States,” said Tom Matzzie, founder and CEO of Ethical Electric. “We are proud to be backed by investors who see the potential to give consumers a clean, renewable choice for their energy.”
Investors believe in Tom’s ability to apply his deep experience building cause-based communities to the task of expanding Ethical Electric’s community of customers. Tom was formerly a leader with MoveOn.org and has aggregated millions of Americans together for causes for more than a decade.
“The Ethical Electric team is applying their experience building large-scale progressive movements to disrupt incumbents in the energy sector,” said Palevsky. “The company has a compelling, scalable business plan and the right team to make it work.”
“Tom has developed a very smart business plan and its success has the potential to drive adoption of renewable (solar and wind) energy faster than any other investment opportunity I have seen,” said Brian Arbogast, a clean tech investor and current director at the Bill & Melinda Gates Foundation who led Ethical Electric’s earlier investment round and serves on its board of directors.
ABOUT ETHICAL ELECTRIC
Ethical Electric, Inc. is a licensed retail energy supplier and participates in the wholesale energy markets in the Mid-Atlantic, Northeast and New England. Ethical Electric’s mission is to make buying renewable energy easy. For every kilowatt-hour a customer uses an equivalent amount of renewable energy is purchased from wind, solar and hydro facilities on the same grid as the customer’s household or business. Customers can enroll online at www.ethicalelectric.com.