Ethical Electric, a renewable energy provider that connects consumers to 100% renewable energy, has announced $11 million in Series A funding. A group of investors was led by entrepreneur and impact investor Matthew Palevsky, who will be joining Ethical Electric’s board of directors.
“Our business model offers the potential to shift a significant number of households to renewable energy sources and help transform the energy industry in the United States,” said Tom Matzzie, founder and CEO of Ethical Electric. “We are proud to be backed by investors who see the potential to give consumers a clean, renewable choice for their energy.”
Matzzie has experience building cause-based communities and was formerly a leader with MoveOn.org. In his past and current role, he has aggregated millions of Americans together for causes for more than a decade.
“The Ethical Electric team is applying their experience building large-scale progressive movements to disrupt incumbents in the energy sector,” said Palevsky. “The company has a compelling, scalable business plan and the right team to make it work.”
Brian Arbogast, a clean tech investor and current director at the Bill & Melinda Gates Foundation who led Ethical Electric’s earlier investment round and serves on its board of directors, added, “Tom has developed a very smart business plan and its success has the potential to drive adoption of renewable (solar and wind) energy faster than any other investment opportunity I have seen.”