Palmetto Valuation, Funding & Investors

Palmetto is valued at $1B as of February 2022.

Last Palmetto valuation

$1B

Series C · Feb 2022

Last Palmetto funding round

$150M

Undisclosed stage · Mar 2023

Cumulative funding Palmetto raised

$565M

across 5 funding rounds

Key investors in Palmetto

  • Greycroft
  • BoxGroup
  • Lerer Hippeau
  • TPG
  • Social Capital
  • Shell Ventures

Palmetto Overview

About Palmetto

Palmetto is a New York City-headquartered clean energy company financing and installing solar panels, battery storage, EV chargers, and heat pumps for over 100,000 U.S. homes and businesses. Launched in 2017 from Charleston, South Carolina, it raised $1.5 billion in funding by 2023 and partners with retailers like Lowe's and wholesalers to distribute its financing platform nationwide. The firm integrates software for energy monitoring and offers leases with zero upfront costs.


Founded

2009

HQ

United StatesCharleston, SC

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Usage-based

Valuation

$1B (Feb 2022)

Palmetto Valuation

Palmetto is currently valued at $1B, based on its Series C in February 2022.

The $375M round was led by Social Capital.

Palmetto's valuation has grown 71x from $14M at its Series A in September 2018 to $1B in February 2022, across 2 priced rounds.

Palmetto valuation by funding round

Palmetto valuation by funding round
DateStageValuation
Feb 2022Series C$1B
Sep 2018Series A$14M

Palmetto Funding History

Palmetto has raised a total of $565M across 5 funding rounds.

Palmetto's first fundraising round was a $6M Series A in September 2018. The most recent completed round was a $150M undisclosed-stage round in March 2023.

Palmetto funding rounds

Palmetto funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2023Undisclosed stageTPG (lead)$150M-Palmetto is a Charleston, South Carolina-based technology-enabled clean energy platform that manages the end-to-end residential solar process, including sales, design, engineering, permitting, and fulfillment, using automated workflows, predictive algorithms, and local intelligence data to reduce costs. The company has evolved from a pure residential solar play to offer energy storage, EV charging, smart home features, and loan products for cleantech home upgrades, aiming to electrify homes and support clean energy adoption across the US. Palmetto also enables consumer brands to enter the clean energy market and runs the Get-Solar, Give-Solar program for solar distribution in sub-Saharan Africa. On March 6, 2023, Palmetto announced a $150 million equity investment from TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, with the round having closed in February 2023. TPG Rise Climate partner Steven Mandel joined Palmetto's board alongside former Facebook executive Molly Graham and former FERC chairman Neil Chatterjee. Additional terms, including valuation, were not disclosed by the company or investors. The funding supports expansion of Palmetto’s software and technology platform, acceleration of consumer product lines, national scaling, and enhanced clean energy solutions amid growing demand for residential electrification. TPG Rise Climate views the investment as backing the growth of US residential clean energy solutions over the coming decade, highlighting Palmetto’s unique platform to expand market position. CEO Chris Kemper emphasized the capital's role in leapfrogging product lines where market competition falls short on consumer service, reducing costs, and improving transparency. Palmetto estimates its installations to date position homeowners to avoid over two million metric tons of CO2 emissions. This follows prior rounds, including a $375 million Series C in February 2022 led by Social Capital and others, bringing total funding to around $670 million by early 2023.
Feb 2022Series CSocial Capital (lead)$375M$1BPalmetto is a clean energy marketplace and technology services platform that connects homeowners with independent contractors for residential solar installations, design, financing, permitting, and monitoring via proprietary software, aiming to accelerate clean energy adoption and energy independence. On February 24, 2022, the Charleston, South Carolina-based company raised approximately $375 million in a funding round led by Social Capital, with participation from ArcTern Ventures, Gaingels, Lerer Hippeau, and MacKinnon, Bennett & Co. The funds were allocated to expand its marketplace of contractors, enhance technology, hire personnel, and improve operating efficiencies to grow its addressable market in the $100 billion U.S. residential solar sector, where only 3% of 70 million homes use solar. Palmetto differentiates from asset-heavy, low-margin solar models by using a software-first, distributed approach that reduces costs for homeowners and providers, positioning itself to disrupt the centralized fossil fuel industry similar to how cell phones transformed telecom. CEO Chris Kemper highlighted the company's scalability to mitigate climate change, while Social Capital's Chamath Palihapitiya emphasized its role in addressing U.S. energy crises like unreliable utilities, climate impacts, and rising prices. The platform manages end-to-end solar transactions without vertical integration's expenses. This 2022 round contributed to Palmetto's total funding exceeding $670 million by 2023, followed by a $150 million Series C in March 2023 led by TPG and $1.2 billion debt in January 2025 from Morgan Stanley and Truist, reflecting ongoing expansion in solar, battery storage, and clean energy tools amid a competitive market.
Aug 2020Series BLerer Hippeau; BoxGroup; Falkon Ventures; Greycroft; Evergy Ventures; Shell Ventures; ArcTern Ventures; Leto Family Office$29M-Palmetto is a South Carolina-based software company that provides platforms helping consumers understand their energy spend and adopt clean energy solutions like solar panels, energy storage, and EV charging. The company pairs homeowners with providers, simplifies financing and installation, and focuses on software for energy management and logistics. Founded in 2009 in London, it divested non-core assets in 2017 to concentrate on residential solar software after prior ventures in infrastructure projects in India, Asia, and Africa. In August 2020, Palmetto closed a $29 million Series B funding round with investors including ArcTern Ventures, BoxGroup, Evergy Ventures, Falkon Ventures, Greycroft, Lerer Hippeau, Leto Family Office, and Shell Ventures. The round supports team expansion in R&D, software, data science, customer services, and geographical growth across U.S. states, transitioning from a solar platform to broader energy management. Greycroft, which led the prior Series A in 2018, participated again, highlighting Palmetto's scalable model and customer acquisition efficiencies over traditional solar providers. Palmetto had received $20 million in finance facilities from Energy Impact Partners the previous year and prepared for economic challenges by securing credit lines. Investors noted the fragmented U.S. rooftop solar market and Palmetto's integrated solutions for carbon reduction.
Jan 2019Series A-$5M-Palmetto, a Charleston-based clean energy company founded in 2009, provides residential solar energy, battery storage, and energy efficiency solutions through a software and marketplace platform. The company matches homeowners with solar providers, handles financing, installation logistics, and offers monitoring tools. In 2019, Palmetto raised small early-stage rounds including $1M in July, $820K in October, and a $20M credit line in February from Energy Impact Partners to manage cash flow for installations and smooth revenues. A $6M equity round occurred in September 2018 led by Greycroft with Lerer Hippeau, Box Group, and David Stern. Palmetto generated significant revenue historically from global operations before divesting non-core assets in 2017 to focus on U.S. residential solar software and services.
Sep 2018Series AGreycroft (lead); Lerer Hippeau; BoxGroup$6M$14MPalmetto, a clean technology company focused on solar and residential energy solutions, raised $4.29 million in a Series A funding round on September 4, 2018. Investors included BoxGroup, David Stern, and Greycroft, aligning with the specified investors and lead. The post-money valuation for this round was $14.3 million. This early-stage round contributed to Palmetto's broader funding trajectory, which has since exceeded $600 million across multiple rounds. The 2018 Series A supported initial growth in solar technology and clean energy services.

Who has invested in Palmetto?

10 investors have backed Palmetto across its funding rounds, including Greycroft, BoxGroup, Lerer Hippeau, TPG, Social Capital and Shell Ventures.

Lead investors include TPG, Social Capital and Greycroft.


Palmetto Investors

Investors in Palmetto by funding rounds participated
InvestorHQRoundsRoleFirst check
Lerer HippeauUnited StatesNew York City, NY2ParticipantSep 2018
BoxGroupUnited StatesNew York City, NY2ParticipantSep 2018
GreycroftUnited StatesNew York City, NY2LeadSep 2018
Falkon VenturesUnited StatesAustin, TX1ParticipantAug 2020
Social CapitalUnited StatesSan Francisco, CA1LeadFeb 2022
Evergy VenturesUnited StatesKansas City, MO1ParticipantAug 2020
TPGUnited StatesSan Francisco, CA1LeadMar 2023
Shell VenturesNetherlandsNetherlands1ParticipantAug 2020

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Investments by Palmetto

Palmetto has invested in 2 companies to date.

Latest investment by Palmetto was on March 16th 2026. Palmetto invested in SetSale in their $3M Seed round.


Latest Investments by Palmetto

SetSale
Solar Sister
Description
SetSale is an AI-powered sales platform for HVAC contractors with automated pricebooks, CRM integration, and financial calculations.
Solar Sister is a social enterprise distributing solar lights and clean cooking solutions across rural Africa. It builds a network of women entrepreneurs in Nigeria, Uganda, Rwanda, and South Sudan who sell products like SunKing solar lanterns and improved stoves door-to-door. Launched in 2010, the organization has trained over 6,000 female agents, reaching communities in off-grid villages to replace kerosene lamps with portable solar kits.
HQ CountryUnited StatesUnited States
HQ City
Charlotte, NC
-
Deal Date16 Mar 202621 Sep 2021
RoundSeedStrategic investment
Raised$3M$5M
InvestorsFinturf; York IE-
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Palmetto Competitors

Palmetto competitors include listed companies like Canadian Solar, Shoals, Array Technologies and JinkoSolar, and private ones like 1Komma5° and Electric Hydrogen.

Public and private companies comparable to Palmetto
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Canadian SolarUnited StatesUnited StatesPublicly listed$5.6B$546M$798M1.5x
ShoalsUnited StatesUnited StatesPublicly listed$475M$72M$1.3B2.6x
1Komma5°GermanyGermanyPrivate$598M-$1.4B-
Array TechnologiesUnited StatesUnited StatesPublicly listed$1.3B$34M$650M1.1x
JinkoSolarChinaChinaPublicly listed$9.8B($44M)$564M0.6x
Electric HydrogenUnited StatesBoston, MAPrivate--$1B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Al-Babtain Power & Telecom$762M$162M1.5x1.4x7.0x6.0x
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
Henan Yicheng New Energy$527M($30M)3.0x-(53.0x)-
SP New Energy$25M($46M)103.1x-(55.4x)-
Power Solutions International$722M$115M1.5x1.6x9.7x10.5x
Forum Energy Technologies$791M$69M1.4x1.3x16.6x10.3x
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
ITM Power$35M($63M)19.7x11.3x(10.9x)(20.2x)

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Common questions about Palmetto

When was Palmetto founded?Palmetto was founded in 2009.
Where is Palmetto headquartered?Palmetto is headquartered in Charleston, SC, United States.
Is Palmetto publicly listed?No, Palmetto is a private, VC-backed company.
What is Palmetto's valuation?Palmetto was last valued at $1B in its Series C in February 2022.
How much funding has Palmetto raised?Palmetto has raised $565M across 5 funding rounds.
What was Palmetto's last funding round?Palmetto's last funding round was a $150M undisclosed-stage round in March 2023, led by TPG.
Who are Palmetto's investors?Palmetto's investors include Lerer Hippeau, BoxGroup, Greycroft, Falkon Ventures, Social Capital, Evergy Ventures, TPG, Shell Ventures, ArcTern Ventures and Leto Family Office.
Which companies are comparable to Palmetto?Companies comparable to Palmetto include Canadian Solar, Shoals, 1Komma5°, Array Technologies, JinkoSolar and Electric Hydrogen.
How many companies has Palmetto invested in?Palmetto has invested in 2 companies, including SetSale and Solar Sister.
What was Palmetto's last investment?In March 2026, Palmetto invested in SetSale's $3M seed round alongside Finturf and York IE.

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