Dandelion Energy Ramps Up Home Geothermal Installations February 24 2020
Greentech Media's Julian Spector reported February 17, 2020 on "Google Spinout Dandelion Energy Ramps Up Home Geothermal Installations":
With fresh investment, a new CEO and a supportive state policy environment, Dandelion is ready to expand in New York.Thanks to NY-GEO member Paul Coons for this tip.
The company, which emerged from the X "Moonshot Factory" in 2017, has grown to around 100 employees and installed hundreds of sites in New York state. It continues to refine its drilling technology to make residential drilling and heat pump installation easier and more competitive with incumbent fossil fuels. Last month, it pulled in another $12 million, bringing total investment to $35 million, and hired a new CEO to handle the growth stage while co-founder Kathy Hannun takes the president role to focus on technology development.
Installations grew nearly fivefold year-over-year in 2019, Hannun said in a recent interview, as the company dialed in on its core markets of Albany, the Hudson Valley and Westchester. Previous investors Comcast Ventures, GV, NEA and Lennar saw that progress and wanted to expand on last year's Series A.
Dandelion is seizing on statewide trends as well. It partnered with utility Con Edison to install geothermal heat pumps in Westchester, where demand for natural gas has outstripped supply, leading to a moratorium on new hookups.