Founder: Noam Yaffe
Business: RenewaFi is a marketplace for Wholesale Renewable Energy
About RenewaFi and Noam Yaffe
RenewaFi is a New York-based climate tech startup that allows companies buy and sell renewable energy. Their business is a two-sided digital marketplace for renewable energy that enables buyers to evaluate deals in minutes. RenewaFi’s scalable technology mitigates risk and increases transparency by replacing the old-fashioned contracting process.
Founder Noam Yaffe worked on the sell-side for a power plant developer in Austin. Power Purchasing Agreements (PPAs) would take months to close, he found. This lengthy process would lead the construction of new plants, and the fees involved would run upwards of $2 million on top of the contract costs.
Noam’s goal was to move the market for renewable online. RenewaFi allows buyers to submit their projects. Sellers then bid, and the buyers are able to choose which proposal best suits them.
This is an exciting alternative to the current system. Buyers no longer need to pay fees and work with expensive outside firms to secure a PPA. Noam says that the fee from each PPA that RenewaFi takes is minimal compared to those of other firms.