Market Overview

Clean Energy Tech Company Palmetto Raises $6M in Funding from Big Investors

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Greycroft, David Stern are long on clean energy

Palmetto, a clean technology company focused on the distribution and
democratization of clean energy products, announced today that it has
raised $6 million. The round was led by Greycroft, with participation
from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern.

Palmetto harnesses its expertise in software, fulfillment, and financial
solutions to streamline the deployment of clean technology products to
homeowners. The firm has structured, financed, and developed clean
energy projects across four continents and 22 countries since its
inception in 2009, but today focuses solely on the residential sector in
North America.

"For the last decade, our focus has been to educate the broader market
about the value of a clean energy future. For most of our customers,
that equates to one question – can clean technology help me save money?"
said Chris Kemper, Founder & CEO of Palmetto. "With this round, we plan
to broaden the reach of Alchemy, our core software product. The solution
helps our solar sales partners streamline the selling process by giving
agents the ability to generate custom proposals in less than 30 minutes
and by brokering access to industry leading financing, policy insights,
installation services, and fulfillment. As Alchemy drives distribution,
in time, we expect our brand will become the go-to source for consumer
utility savings across the country and beyond."

Palmetto focuses on residential solar, storage, energy efficiency, and
in-home IoT products that help consumers save. Other services range from
energy consumption analytics to solar production support.

"We've reached an inflection point in the renewable market where
transitioning to solar can create immediate cost savings for homeowners
with no cash outlay, " said Greycroft Principal Will Szczerbiak.
"Palmetto's solutions enable distribution at scale via a large network
of solar dealers, and by delivering a best in class experience to
homeowners, Palmetto is positioning itself to power the world's
transition to a clean energy future."

Installation of products and services sourced through Palmetto can help
consumers shave significant dollars off their annual electric bills
while reducing their personal carbon footprints.

On explaining his reason to invest in the clean energy firm, former NBA
Commissioner David Stern said, "In today's political climate, it has
become clear that it will be the burden of business and the populace to
make clean energy a priority." Stern continued, "This team has the right
mix of passion and experience to lead us into a future powered by
renewable energy. I am excited to be part of such an important company."

About Palmetto

Palmetto is the leading clean technology software and fulfillment
platform company. Palmetto is scaling the deployment of consumer
cost-saving clean technology products such as energy storage, solar
power, demand management systems, energy efficiency and beyond. Through
our advanced technology, we are gaining intelligent insights to reduce
cost of customer acquisition among other obstacles that have limited
success of the overall sector. Palmetto continues to innovate a
proprietary product pipeline, which will lead the sector in shaping
consumer energy consumption behavior. Palmetto is based in Charleston,
South Carolina with offices throughout the United States including
Charlotte, San Francisco and Salt Lake City. For more information please
visit www.Palmetto.com

About Greycroft

Greycroft is a leading venture capital firm focused on investments in
the Internet and mobile markets. With offices in the two media capitals
of the world - New York and Los Angeles – Greycroft is uniquely
positioned to serve entrepreneurs who have chosen us as their partners.
Greycroft leverages an extensive network of media and technology
industry connections to help entrepreneurs gain visibility, build
strategic relationships, bring their products to market, and build
successful businesses. Greycroft manages $1.3 billion and has made over
150 investments since inception in leading companies including Acorns,
App Annie, Boxed, Braintree, Buddy Media, Everything But The House,
Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios,
Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo,
WideOrbit, and Yeahka. For more information please visit www.greycroft.com

About Lerer Hippeau

Lerer Hippeau is the most active early-stage venture capital fund in New
York City. With investments in leading consumer and enterprise
companies, the firm focuses on backing founders with product vision,
customer insight, and a strong focus on brand. For more information
please visit www.lererhippeau.com

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