How Much Did Palmetto Raise? Headquarters, Funding & Key Investors

Palmetto has secured $670 million in total funding through multiple rounds, including $150 million (Mar 2023), $375 million (Feb 2022), $80 million (Feb 2021), and earlier Series A and B rounds totaling over $50 million. In January 2025, the company raised an additional $1.2 billion in conventional debt from Morgan Stanley and Truist to expand its clean-energy operations. Founded in 2009 and headquartered in Charleston, Palmetto provides residential solar, battery-storage, and energy-savings tools, helping homeowners transition to sustainable power while financing large-scale solar adoption across the U.S.

How Much Did Palmetto Raise? Funding & Key Investors

Palmetto has emerged as a leading provider of residential solar energy and battery storage solutions, empowering homeowners to transition toward clean, affordable energy. Founded in 2009, the company has raised $670 million in funding from investors like TPG and Energy Impact Partners, achieving unicorn status in early 2022. With its latest $1.2 billion debt funding round in January 2025, Palmetto continues to accelerate solar adoption across the U.S.

What Is Palmetto and What Does It Do?

Palmetto, founded by Christopher Kemper in 2009, is a U.S.-based renewable energy technology company headquartered in Charleston, South Carolina.

It offers a suite of solar and clean energy solutions, including residential solar panel installations, battery storage, energy monitoring tools, and financing options. Palmetto’s platform helps customers estimate energy savings, manage service requests, and access clean energy financing programs with ease.

The company employs approximately 303 people and operates at the intersection of sustainability and technology, driving widespread adoption of renewable energy solutions through innovation, affordability, and seamless customer experience.

How Much Funding Has Palmetto Raised?

1. Conventional Debt

Amount Raised: $1.2B
Date: January 2025
Lead Investors: Morgan Stanley, Truist
Motivation: To expand residential solar installations and enhance financing capabilities.

2. Series C

Amount Raised: $150M
Date: March 2023
Lead Investors: TPG
Motivation: To accelerate national expansion and develop advanced clean energy tools.

3. Series C

Amount Raised: $375M
Date: February 2022
Lead Investors: Social Capital, ArcTern Ventures, Gaingels, Lerer Hippeau, MacKinnon, Bennett & Company
Motivation: To scale operations and strengthen renewable energy infrastructure.

4. Series C

Amount Raised: $80M
Date: February 2021
Motivation: To enhance customer experience and develop energy software systems.

5. Series B

Amount Raised: $29M
Date: August 2020
Lead Investors: ArcTern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Falkon Ventures, BoxGroup, Leto Ventures, Evergy Ventures
Motivation: To expand market footprint and accelerate clean energy adoption.

6. Series B

Amount Raised: $11.3M
Date: July 2020
Motivation: For early product development and operational scaling.

7. Series A

Amount Raised: $4.4M
Date: February 2020
Motivation: To build foundational solar energy solutions and technology stack.

8. Series A

Amount Raised: $820K
Date: October 2019
Lead Investors: Not disclosed
Motivation: To strengthen early-stage operations.

9. Series A

Amount Raised: $1M
Date: July 2019
Motivation: To support pilot programs and product testing.

Total Funding Raised: $670 Million

Latest Funding Date: January 2025

Key Investors

1. TPG

Details: A global alternative asset firm investing in growth-stage technology and sustainability ventures.
Investment Focus Areas: Renewable energy, climate tech, sustainable infrastructure.
Notable Investments: Palmetto, Climavision, Monolith.

2. Energy Impact Partners (EIP)

Details: A venture capital firm focused on advancing the transition to a sustainable energy future.
Investment Focus Areas: Clean energy, grid modernization, sustainable infrastructure.
Notable Investments: Arcadia, Voltus, Palmetto.

3. ArcTern Ventures

Details: A venture capital firm backing companies in the clean technology and sustainability sectors.
Investment Focus Areas: Renewable energy, circular economy, mobility.
Notable Investments: Palmetto, Peak Power, Encycle.

4. Shell Ventures

Details: The corporate venture arm of Shell, investing in new energy and mobility solutions.
Investment Focus Areas: Renewable energy, energy storage, decarbonization technologies.
Notable Investments: Palmetto, Sense, Autogrid.

Where Is Palmetto’s Headquarters?

Palmetto is headquartered in Charleston, South Carolina, a strategic location that allows it to serve growing residential solar markets across the southeastern United States. Charleston’s thriving clean energy ecosystem supports Palmetto’s mission to make sustainable energy accessible and affordable for every home.

What’s Next for Palmetto?

Palmetto aims to scale its clean energy platform to reach millions of American households, leveraging advanced software tools and financing models. The company plans to expand its national footprint, enhance its data-driven solar marketplace, and drive mass adoption of energy storage solutions. With its strong investor backing and $1.2 billion debt financing, Palmetto is well-positioned to lead the residential solar revolution.

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