Funding round
Pine Gate Renewables Growth
Reported as "Growth Equity"
Pine Gate Renewables, which works in renewable energy solutions in Asheville, raised $650M in a Growth round announced on 3 May 2024. 3 firms took part, 1 of them already investors.
$650M
Amount raised
Not disclosed
Post-money valuation
3
Investors
no lead named
Valuation
What this round says about the price
Pine Gate Renewables did not disclose a valuation in this round. It is Pine Gate Renewables' first venture round on record, 8 years after it was founded in 2016. No later venture round is on record for Pine Gate Renewables.
Pine Gate Renewables' funding rounds
This is the only venture round on record for Pine Gate Renewables.
- Growth this round 3 May 2024 $650M
Investors
Who put money in
3 firms took part; no lead investor was named.
Investors
- backs 4 venture-backed companies existing investor
- HESTA new investor
- Healthcare of Ontario Pension Plan new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations.
- Scaling operations
Comparable rounds
How it compares
27 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $82M, and this round was 7.9 times the median. The closest in time, other companies' Growth rounds in Solar Energy Company:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Solar Energy Company | 1 Apr 2024 | $325M | not disclosed | Mercuria Energy Group |
| Solar Energy Company | 7 Mar 2024 | $55M | not disclosed | Canada Growth Fund Inc. |
| Solar Energy Company | 1 Jul 2024 | $55M | not disclosed | Norfund and Swedfund |
| Solar Energy Company | 6 Aug 2024 | $275M | not disclosed | International Finance Corporation |
| Solar Energy Company | 8 Jan 2024 | $400M | $816M | I Squared |
| Solar Energy Company | 30 Jan 2024 | $13M | not disclosed | Angel Invest and DF Capital |
| Solar Energy Company | 15 Oct 2024 | $54M | not disclosed | Transition Equity Partners |
| Solar Energy Company | 30 Nov 2023 | $110M | not disclosed | Eiffel Investment Group and Azora Capital |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Pine Gate Renewables raise in its Growth round?
Pine Gate Renewables raised $650M in its Growth round, announced in May 2024.
Which investors took part in Pine Gate Renewables' Growth round?
Generate Capital, HESTA and Healthcare of Ontario Pension Plan.
What was Pine Gate Renewables' valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Solar Energy Company?
27 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $82M, and this round was 7.9 times the median.