Dandelion Energy closes a $70M funding round to scale geothermal – but it left Vermont
Dandelion Energy today announced the closure of a $70 million B1 funding round to scale geothermal in the US, but it quietly left Vermont in the fall.
The B1 funding round was co-led by LENX, the corporate venture arm of homebuilding company Lennar, and NGP ETP, the energy transition investing platform of NGP. Bill Gates’ Breakthrough Energy Ventures, NEA, GV, Collaborative Fund, and Building Ventures also participated.
In February 2021, Dandelion Energy announced the close of a $30 million Series B round of funding that was led by Breakthrough Energy Ventures.
Dandelion says it will use the capital to invest in a broader range of products capable of serving more customers and geographies. It has more than tripled its commercial operations in 2022, and this funding will help to continue that expansion in retrofit and new construction markets.
The company asserts that adopting its geothermal system will reduce a household’s energy expenses by 47% annually, and that it can increase a home’s resale value by up to 7.1%. There are also tax credits – 30% – and up-front rebates after the passage of the Inflation Reduction Act.
When Electrek spoke with Dandelion Energy president Kathy Hannun in September 2020, she explained that Dandelion expands when utilities want to actively work with the company, and it also moves into places where they can easily send their drilling crews. In October, the company reached its 1,000th installation.
Dandelion Energy expanded residential geothermal to Vermont in May 2021. Yet when Electrek checked Dandelion’s website to see which states it’s currently serving, it now only lists New York State, Connecticut, and Massachusetts. A reliable source tells us that Dandelion left Vermont this fall.
We asked a representative at Green Mountain Power about Dandelion’s departure from the Green Mountain state, and they replied:
GMP offers rebates to help customers use geothermal, and are excited to keep helping customers cut carbon and costs by electrifying their home heating. We are also supporting this important change through heat pump rebates and other customized solutions for customers. We are excited to keep partnering with businesses on clean heating solutions like geothermal.
We’ve asked Dandelion Energy’s spokesperson why the company left Vermont and are waiting to hear back. We will update this story when we do.
If you live in Massachusetts, New York State, or Connecticut, and you’d like to learn whether Dandelion Geothermal would work for your home, please click here.
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Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.
Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.
BYD introduces new discounts on smart driving tech
After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”
Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.
BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).
It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.
The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).
Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).
Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.
The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.
BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.
The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.
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