Denver energy company raises $100 million
Denver energy company raises $100 million
An energy-as-a-service provider based in Denver nabbed a $100 million investment to accelerate its growth trajectory.
Redaptive received the equity investment from CPP Investments, an investment arm of the Canada Pension Plan Investment Board, on Tuesday.
“CPP Investments has recognized Redaptive’s success in transforming energy management for enterprises and has increased its stake to drive our continued growth,” Arvin Vohra, CEO of Redaptive, said in a statement. “This investment is a reflection of the strength of our team and the impact we’re making in the industry.”
The recent funding will be used to accelerate Redaptive’s project timelines and enhance its service offering, according to the company.
Founded in 2015, Redaptive helps businesses reduce their energy usage and waste by implementing energy conservation solutions. It works with large corporations, including more than 40 Fortune 500 brands, to help them reach their net-zero emissions goals and save money, the company says.
This isn’t the first time Redaptive has raised capital from CCP Investments. Redaptive became a tech unicorn with a post-money valuation of $1 billion in 2023 after raising $250 million from CPP Investments, according to PitchBook.
“As enterprises increasingly focus on sustainability, Redaptive is well-positioned to enable them to more efficiently achieve their energy and sustainability goals,” Edwina Kelly, managing director and head of Sustainable Energies, U.S. at CPP Investments, said in a statement. “… Our additional investment will help Redaptive to continue to scale its business while providing strong risk-adjusted returns to the CPP fund.”
Redaptive announced the relocation of its headquarters from San Francisco to Denver in April 2023 and has since seen steady growth. The energy company has raised additional capital, including $475 million across two debt facilities earlier this year.
It also moved its headquarters to a “much larger” office space at McGregor Square, a mixed-use development near Coors Field, about two months ago to accommodate its growing team.
Redaptive has scaled its local headcount from a planned 50 employees in April 2023 to 80 workers, the company said on Tuesday.
It has 370 employees globally.