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BFD Expert Voices - Climate Deals

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Climate First Bancorp has closed $46 million in equity from investors and is exploring an IPO in Q3 2026, CEO Ken LaRoe tells Axios Pro.

Why it matters: As the reconciliation bill undercuts U.S. rooftop solar, companies are finding ways to navigate the new market.

Zoom in: LaRoe says the latest infusion brings total funds raised to $125 million for Climate First Bancorp, the holding company of a climate-focused community bank, and will be used for growth. 

There are 900 investors in the company across three rounds including Global Blockchain Ventures and Resilient Earth Capital.

LaRoe says the company is considering coming out for its IPO next year in  the third quarter in the range of $18 per share, off of a book value of its last raise of $11 per share.

It was reported in 2024 the company eyeing was an IPO this year, but Climate First says a date has not been locked previously.

What they're saying: "We have been explosively growing since we opened," and "a huge part of it is renewable energy," LaRoe says.

Catch up quick: Climate First Bank, which is FDIC-insured, was founded in 2021.

Climate First Bank says it now has $1 billion in assets and has financed close to $300 million in residential and commercial solar projects. For comparison, a big bank could have trillions in assets. 

OneEthos has originated over $231 million in solar loans and more than 4,800 individual solar projects.

Climate First Bank says it has originated over $20 million in financing for residential solar projects in June, its strongest month to date, and is profitable.

The intrigue: The company says it's growing in the face of changing policy by offering transparent financing as well as tapping the small commercial solar market. 

The solar installers are "all flocking to us because we don't do dealer fees," says LaRoe. Many other finance companies are "predatory."

Financing for small commercial solar, like the roof of a veterinary office, is "starting to explode," LaRoe says.

Exclusive: Climate First Bancorp raises $46M on way to IPO

The climate-focused community bank says it's growing by offering transparent financing and tapping small commercial solar.

Illustration of an array of solar panels with the cells arranged in a dollar sign shape.

Climate First Bancorp has closed $46 million in equity from investors and is exploring an IPO in Q3 2026, CEO Ken LaRoe tells Axios Pro.Why it matters: As the <a class="gtmContentClick" data-vars-link-text="reconciliation bill" data-vars-click-url="https://www.axios.com/2025/07/04/trump-signs-big-beautiful-bill-tax-spending-budget" data-vars-content-id="52a30294-672f-48e3-b420-33a5cb61b530" data-vars-headline="Exclusive: Climate First Bancorp raises $46M on way to IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/07/04/trump-signs-big-beautiful-bill-tax-spending-budget" target="_self">reconciliation bill</a> <a class="gtmContentClick" data-vars-link-text="undercuts U.S. rooftop solar" data-vars-click-url="https://www.axios.com/pro/climate-deals/2025/07/01/senate-bill-devastate-clean-energy" data-vars-content-id="52a30294-672f-48e3-b420-33a5cb61b530" data-vars-headline="Exclusive: Climate First Bancorp raises $46M on way to IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2025/07/01/senate-bill-devastate-clean-energy" target="_self">undercuts U.S. rooftop solar</a>, companies are finding ways to navigate the new market.

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Exclusive: Climate First Bancorp raises $46M on way to IPO

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