Dandelion Energy wants to cut the costs and expand the market for residential geothermal heat pumps to replace oil and natural gas. (Credit: Dandelion Energy) The round was joined by previous investors GV (formerly Google Ventures), New Enterprise Associates, Collaborative Fund, Building Ventures, Catchlight Ventures, GroundUp and major U.S. homebuilder Lennar Corp., and brings the Peekskill, New York-based company’s total funding to $65 million. The new funding will allow Dandelion to invest in its product development and expand its geographic reach in New York, Connecticut and Massachusetts, he said, where many residential fuel oil or natural-gas heating systems are ripe for replacement with geothermal systems. The long-term energy savings of making that switch can pay back the upfront installation and equipment costs within five to seven years, he said, all while cutting carbon emissions by as much as 80 percent by eliminating reliance on fossil fuels. Heat pumps will be a key technology for decarbonizing the roughly one-third of global energy consumption that goes toward heating buildings. About three-quarters of U.S. households use natural gas or oil for heating, and most of the remainder use older, less efficient electric resistance heating. Heat pumps that tap above-ground air to moderate […]

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