Ethical Electric, a renewable energy supplier focused on the Northeast United States, has completed an $11 million round of financing to expand its marketing efforts in deregulated energy markets in 16 states. Blue Dot Advocates represented Blue Haven Initiative in the transaction and assisted Blue Haven with due diligence as it invested in the round.
Ethical Electric employs direct marketing and microtargeting tactics learned by its co-founders, Tom Matzzie and Richard Graves, from their time in the world of political organizing. Ethical also partners with progressive organizations like Credo Mobile and the Sierra Fund to find new customers, capitalizing on an affinity for renewable energy among those who support progressive causes.
To procure energy, Ethical buys wind power through a series of power purchase agreements with local energy developers. After paying a fee to access the grid in deregulate markets, Ethical sells its clean energy through the grid at the same price as the prevailing fossil-fuel mix – at no additional cost to its customers. Tens of thousands of customers have signed up so far!