BlocPower is a Black-owned climate tech startup that is making American cities smarter, greener and healthier. BlocPower partners with utilities, government agencies, and building owners to identify unhealthy, energy-wasting buildings to retrofit.
The New York based startup then works with these building owners to develop, install and finance upgrades that reduce fossil fuel consumption—like replacing an oil burning boiler with an electric heat pump. BlocPower earns revenue via installation profits, financing fees, and enterprise contracts.
Today, BlocPower announced a successful fundraising round of $150 million, which includes over $24 million of Series B corporate equity led by VoLo Earth Ventures and $130 million of debt financing led by Goldman Sachs. Other investors who joined the equity round include Microsoft Climate Innovation Fund, Credit Suisse, Builders Vision, New York State Ventures, Unreasonable Collective, Kimbal and Christiana Musk, Gaingels, Van Jones, Kapor Capital, My Climate Journey, Tale Venture Partners, and NBA superstar and entrepreneur Russell Westbrook.
To date, BlocPower has raised over $250 million of capital to finance building decarbonization in low-income communities.
The investment round will enable BlocPower to expand its heat pump and building electrification programs across the U.S. The company will further develop its proprietary BlocMaps SaaS analytics platform, grow its financing and administrative capabilities, and broaden its Civilian Climate Corps green workforce initiative, which focuses on training and hiring at-risk individuals in vulnerable communities.
“Since 2014, BlocPower has focused on decarbonizing America’s urban core, developing the green economy’s workforce, and bringing climate justice to underserved and vulnerable communities. We are fighting the climate crisis while improving quality of life for city residents. Series B equity and working capital financing from Goldman Sachs will allow us to accelerate building decarbonization across America. We will help low-to-moderate income communities to access the benefits of President Biden’s once in a lifetime green economy investments,” said Donnel Baird, CEO and founder of BlocPower.
The company has shown significant growth since its 2020 Series A, with 4,000% revenue growth and signing city-scale decarbonization projects in Ithaca, NY and Menlo Park, CA, as well as large-scale projects in Denver, CO; San Jose, CA; Buffalo, NY; Atlanta, GA; and San Luis Obispo, CA. The company has completed hundreds of green energy upgrades across the country, bringing the total number of completed projects to more than 5,000 apartments, homes, houses of worship, and commercial buildings.
BlocPower’s Civilian Climate Corps was awarded a two-year, $108 million contract from New York City Mayor Eric Adams to train 3,000 city residents for clean energy jobs and to help reduce gun violence as part of Mayor Eric Adams’ Precision Employment Initiative. The new contract expanded upon a $37 million contract from 2021, which launched the NYC Civilian Climate Corps. To support that growth, BlocPower opened two new training facilities in Brooklyn and the Bronx.
BlocPower’s work has been recognized by Vice President Kamala Harris, who is honoring the company as an Emerging Leader in Washington, D.C. The Biden-Harris Administration is committed to ensuring that 40% of climate infrastructure investments impact “Justice 40” communities, which are communities that have a history of excess pollution, disenfranchisement, and underinvestment.