Investors include First Round Capital, Floating Point, BoxGroup, and Powerhouse Ventures

March 29, 2022 - New York, NY - RenewaFi, the renewable energy marketplace, today announced that it has completed a $3 million fundraising round with participation from First Round Capital, Floating Point, BoxGroup, and Powerhouse Ventures. Kiran Bhatraju, the CEO of Arcadia, also participated in the round. Building on its initial traction with Fortune 500 customers, the company will use the funds to further enhance its technology, expand its team, and accelerate its go-to-market strategy.

RenewaFi helps companies and utilities buy renewable energy directly from clean power plants. Instead of spending sizable fees and months of effort to source and evaluate complex energy deals manually, RenewaFi allows companies and utilities to build customized digital auctions for renewable energy, connects them to top responses from power plant developers, and provides analytical tools that enable them to choose the right deals. By making it easier to buy renewable energy, RenewaFi aims to accelerate the more than $2.5 trillion of projected investment needed to decarbonize the U.S. power sector and combat climate change.

Noam Yaffe, Founder and CEO, said: "Before RenewaFi, renewable energy buyers and sellers had to source and evaluate transactions manually or rely on consultants to do the work for them. RenewaFi's marketplace helps buyers and sellers find and evaluate renewable energy deals in a matter of minutes, saving them time and money and bringing more clean power plants online faster. We are excited to partner with our new investors as we introduce our transformative technology."

Noam founded RenewaFi after working for a leading renewable energy power plant developer, where he realized that the traditional way of buying and selling renewable energy is not only heavily intermediated, inefficient, and expensive, but also incompatible with rapid decarbonization at scale, which is critical to combating climate change. Using his prior experience as a technology investment banker, he developed a digital marketplace to make renewable energy transactions more accessible, efficient, and cost-effective.

Hayley Barna, Partner, First Round Capital, said: "There is massive potential to streamline the renewable energy contracting process with technology. RenewaFi's network is already helping nearly 50 energy players source and evaluate potential transactions, and we believe the company's technology will ultimately prove indispensable to the energy market."

RenewaFi's patent-pending technology allows both buyers and sellers to initiate auctions for renewable energy, which is typically purchased and sold through contracts known as Power Purchase Agreements ("PPA"). Customers using RenewaFi have already saved months of time and hundreds of thousands of dollars in fees. Nearly 50 market participants are active in the marketplace, including Fortune 500 companies, utilities, commodity experts, and investment banks as well as power plant developers representing over 200 gigawatts - or more than $200 billion worth - of proposed renewable energy projects.

"The speed, cost, and overall friction involved in PPA negotiations are now a critical bottleneck in the proliferation of renewable energy projects," said Marie Thompson, Principal at Powerhouse Ventures. "By automating and digitizing the renewable power contracting process, RenewaFi is meeting market demand for a streamlined solution that will enable renewable energy to be procured at the speed we need to rapidly decarbonize."

While many of today's largest renewable energy buyers, such as Amazon and Meta, have built in-house expertise in renewable energy procurement, newer entrants to the market lack tools to level the playing field. Using RenewaFi, however, any buyer or seller can initiate a customized digital auction that specifies the parameters of the renewable energy they are looking to buy or sell. As proposals come in, each is analyzed, filtered, and ranked based on the specific criteria of the party who initiated the auction, and the technology provides powerful data visualization and contract automation tools to help identify the optimal deal for both parties.

David Perez, Head of Power Origination and Business Development at Energy Transfer, said: "RenewaFi's technology is a breakthrough for the renewable sector. Over a more than 20-year career, I had not considered using a third party - let alone software - to help my team optimize PPA contracting, but RenewaFi changed my perspective. The technology is designed intelligently, gives users extreme flexibility, saves a ton of time, and is priced affordably. I believe RenewaFi has the potential to define the future of renewable energy contracting."


About RenewaFi
RenewaFi is a digital marketplace that helps companies and utilities buy renewable energy directly from clean power plants. Instead of spending sizable fees and months of effort to source and evaluate complex energy deals manually, RenewaFi allows companies and utilities to build customized digital auctions for renewable energy, connects them to top responses from power plant developers, and provides analytical tools that enable them to choose the right deals. By making it easier to transact renewable energy, RenewaFi aims to accelerate the more than $2.5 trillion of projected investment needed to decarbonize the U.S. power sector and combat climate change. Learn more at RenewaFi.com.