Feb 12, 2019

Google-linked geothermal player Dandelion Energy raises $16 million

Residential geothermal company Dandelion Energy has raised $16 million in series A funding from backers including Google's VC arm and big homebuilding player Lennar Corp., bringing total funding to $23 million.

Why it matters: The New York-based company, which spun out of Alphabet's R&D arm in 2017, said the cash will allow new R&D, the opening of new warehouses, and personnel additions.

Details: Comcast Ventures led the round with GV (once called Google Ventures).

  • Other backers in the new round include NEA, Collaborative Fund, Ground Up, and Zhenfund.
  • Dandelion declined to disclose the size of its current customer base, but a spokesman said they're the largest residential geothermal installer in the state.

The big picture: The company is marketing geothermal heating and cooling to displace electric and fossil fuel-based systems, including propane and fuel oil common in the Northeast.

The intrigue: Lennar's role appears to provide Dandelion a chance to expand more quickly.

  • Lennar's Eric Feder said in a statement that they've wanted to include geothermal heating and cooling systems in new homes for years but "the math never made sense."
  • Dandelion is "finally making geothermal affordable" so they're exploring the idea of including it in the homes they build, Feder writes.

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Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.