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Clean energy software startup Euclid Power has raised a $20 million Series A led by Venrock, Euclid CEO Jacob Sandry tells Axios Pro.

Why it matters: Clean energy project developers are looking for tools to help navigate the changing policy landscape.

How it works: Euclid's software manages clean energy project development, financing and operations. It has been used for over 1,000 solar and storage projects across the U.S., says Sandry.

Customers include UBS, Catalyze, and Apollo Global Management.

The big picture: With the passage of OBBB in July, clean energy developers are facing phased-out tax credits and uncertainties around safe harbor and foreign entities of concern rules.

Increased tumult can also lead to more transactions, as some developers choose to sell portfolios.

Zoom in: New investor HSBC Asset Management and existing investors Spero Ventures, Toba Capital, Designer Fund, and Commonweal Ventures contributed to the round. 

The funds will help Euclid grow its customer base and develop more AI capabilities.

Euclid more than doubled its revenue last year and was also profitable, Sandry says.

What they're saying: "We're seeing a lot of transaction volume pick up," says Sandry, who previously worked on Goldman Sachs' renewable investing team. 

The bottom line: The clean energy sector will need more sophisticated, tailor-made enterprise software as it grows.

Exclusive: Venrock leads Euclid Power's $20M raise

Developers will need new tools to navigate policy tumult.

Illustration of a calculator surrounded by clean energy imagery, abstract shapes, and money elements.

Clean energy software startup Euclid Power has raised a $20 million Series A led by Venrock, Euclid CEO Jacob Sandry tells Axios Pro.Why it matters: Clean energy project developers are looking for tools to help navigate the changing policy landscape.

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Exclusive: Venrock leads Euclid Power's $20M raise

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