Palmetto layoffs involved an undisclosed number of staff cuts at the solar energy software company in December 2023 and September 2023, Charlotte Inno reported.
Palmetto Solar, based in Charleston, South Carolina, develops a clean energy operating platform that "enables end-to-end sales, financing, fulfillment, permitting, energy intelligence insights, digital sales funnel and a digital customer experience." The company has a Build Partner program for solar installation jobs.
We don't know current headcount figures for the company.
Solar and Clean Energy Industry Layoffs: Why?
The solar energy market faced multiple hurdles in 2023. Despite rising solar energy consumption across the United States, many new projects -- particularly residential rooftop projects -- stalled.
Key hurdles included rising interest rates nationwide, and revised California policies that weakened solar incentives for residential customers.
Amid that backdrop, multiple renewable energy companies experienced layoffs in 2023. For instance, solar businesses cutting jobs included Enphase Energy and Maxeon Solar Technologies.
Palmetto Solar: Clean Energy Funding to Date
Meanwhile, Palmetto had been a high-flying unicorn prior to the solar industry hurdles of 2023.
Indeed, Palmetto has raised roughly $670 million to date, according to Tracxn. Crunchbase puts the total finding at $565 million. Example funding rounds include:
- March 2023: Palmetto raised $150 million from TPG Rise Climate. Financial terms of the investment and valuation metrics were not disclosed.
- April 2022: Main Street Advisors invested in Palmetto. The investment round included money from Maverick Carter, Governor Arnold Schwarzenegger, LeBron James, and U2 singer Bono. Here again, financial terms of the investment were not disclosed. But we think the Main Street Advisors check was roughly $25 million or so, based on some financial data buried in this press release.
- February 2022: Palmetto raised $375 million, led by Social Capital. Additional investors in the round included ArcTern Ventures, Gaingels, Lerer Hippeau, and MacKinnon, Bennett & Co. (MKB).
- August 2020: Palmetto raised $29 million in Series B funding. Participants in the round included Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and the Leto Family Office.
- September 2018: Palmetto raised $6 million. The round was led by Greycroft, with participation from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern.
Solar Energy, Sustainability and Green Technology Jobs: Reality Check
Despite the recent solar energy market hudles, demand for green jobs in the United States has grown roughly 50% since 2019, according to Lightcast.
In response, companies such as Accenture, EY, Goodwill and Microsoft have launched green jobs training programs.
