Paces Raises $11 Million to Accelerate Clean Energy Development

Paces, a Brooklyn-based GIS and data platform specializing in renewable energy project development, has successfully closed an $11 million Series A funding round. The round was led by Navitas Capital, with additional investments from Suffolk Technologies, MCJ Collective, Resolute Ventures, Soma Capital, and Y Combinator. This funding aims to enhance Paces' software solutions, which streamline the traditionally slow and costly processes associated with renewable energy project development.

The funding will enable Paces to expand its innovative tools, Project Search and Permitting Predictor, which help developers quickly identify viable sites for energy projects and assess risks during the due diligence process. By leveraging local, state, and federal data, these tools aim to reduce the project timeline from months to minutes, addressing a critical bottleneck in the energy transition. The goal is to support the acceleration of clean energy infrastructure build-out, meeting climate goals and boosting the renewable energy sector's efficiency.

According to the company press release, James McWalter, Co-Founder and CEO of Paces, highlighted the company's commitment to maximizing climate benefits and expanding its platform's capabilities. With an impressive client roster including EDF Renewables, AES, and Third Pillar Solar, Paces is positioned to drive significant advancements in the renewable energy sector, ensuring faster and more effective progress towards a sustainable energy future.