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HRAI4 02202019

New York’s Dandelion Energy, a spin out from Alphabet X (Google) has raised $16 million in a Series A round of funding. Strategic investors include Comcast Ventures, GV (formerly Google Ventures), and Lennar Corporation, one of the largest homebuilders in North America, along with additional support from previous backers NEA, Collaborative Fund, Ground Up and Zhenfund. This is the second round for Dandelion, after it raised $4.5 million in March of 2018.

Funds will be used to open new warehouses, hire more people and continue its R&D efforts. A report from Techcrunch.com says the company attracted Lennar because it has been experimenting with a pared-down approach to geothermal and that installations run between $20,000 and $25,000. It suggests the systems will save homeowners $35,000 over 20 years. The report also says Dandelion has a waitlist of thousands of homeowners requesting its services.

An ACHR report on this announcement says that in the Northeast alone, more than seven million homes have either heating oil or propane-based heating systems. Dandelion promises a decrease in home energy bills with environment-friendly geothermal. New York State, Massachusetts, Washington DC, and Michigan have all recently ramped up government support for geothermal heating and cooling.