BlocPower, a Black-owned climate tech startup, has announced it has raised $150 million from VoLo Earth Ventures and Goldman Sachs to expand its heat pump and building electrification programs across the U.S.

“Since 2014, BlocPower has focused on decarbonizing America’s urban core, developing the green economy’s workforce, and bringing climate justice to underserved and vulnerable communities. We are fighting the climate crisis while improving the quality of life for city residents. Series B equity and working capital financing from Goldman Sachs will allow us to accelerate building decarbonization across America. We will help low-to-moderate income communities to access the benefits of President Biden’s once-in-a-lifetime green economy investments,” Donnel Baird, CEO and founder of BlocPower, said in a statement.

BlocPower develops portfolios of clean energy retrofit opportunities in underprivileged U.S. communities and delivers those opportunities to investors who are looking for social, environmental, and financial returns.

The $150 million will allow the company to further develop its proprietary BlocMaps SaaS analytics platform, grow its financing and administrative capabilities, and broaden its Civilian Climate Corps green workforce initiative.

Investors include Microsoft Climate Innovation Fund, Credit Suisse, Builders Vision, New York State Ventures, Unreasonable Collective, Kimbal and Christiana Musk, Gaingels, Van Jones, Kapor Capital, My Climate Journey, Tale Venture Partners, and NBA superstar and entrepreneur Russell Westbrook.

To date, BlocPower has raised over $250 million in capital to finance decarbonization projects in low-income communities. It has seen 4,000 per cent revenue growth since 2020.

Recently, BlocPower opened two new training facilities in Brooklyn and the Bronx to support the project, which was awarded a two-year, $108 million contract from New York City Mayor Eric Adams to train 3,000 city residents for clean energy jobs and to help reduce gun violence as part of Mayor Eric Adams’ Precision Employment Initiative.

Moreover, BlocPower has contracts with city-scale decarbonization projects in Ithaca, New York and Menlo Park, California. It also has large-scale projects, such as apartments, homes, houses of worship, and commercial buildings, in Denver, Colorado; San Jose, California; Buffalo, New York; Atlanta, Georgia; and San Luis Obispo, California.

“Whenever someone wants to make a change, or do something new, nothing is guaranteed to turn out according to best laid plans. You can't make an omelet without breaking eggs. You can't renovate a home without dust and mess, and, sometimes, lead, mould, and asbestos," Baird said in a statement. “We go into low income communities to finance and upgrade 100 year old buildings — and sometimes we run into 100 year old surprises lurking in the walls, or hiding in the basement. But I'm proud that at BlocPower, we always finish what we start, and we clean up messes.

“The biggest mess of all is the climate crisis. We are pleased that VoLo Earth and other climate focused investors like Microsoft, Credit Suisse, New York State Ventures, Goldman, and Builders Vision are investing in building decarbonization as an immediately actionable way to combat climate change. We hope that our momentum will be a catalyst for further investments in other green startups, and startups founded by women and people of colour, which have historically received less than three per cent of venture capital.”