Seattle-based clean energy marketplace LevelTen Energy is preparing to lay off 60 employees, as revealed in a Worker Adjustment and Retraining Notification (WARN) filed with the Washington State Employment Security Department. The workforce reductions are set to begin on August 15.
The decision comes as the renewable energy sector grapples with new economic pressures. LevelTen’s founder and CEO, Bryce Smith, explained that the company is making “strategic workforce changes” in response to several challenges, including the recent federal budget legislation, tariff-related uncertainties, and persistent permitting delays. According to Smith, the move is intended to help the company remain financially stable while leveraging advanced technology to streamline operations.
Founded in 2016, LevelTen Energy operates what it describes as the world’s largest digital marketplace for clean energy deals. The platform connects buyers, developers, financiers, and advisors, facilitating transactions for tech companies and institutions aiming to reduce their carbon footprint. To date, LevelTen has supported clean energy agreements worth more than $14.8 billion.
Despite the current volatility, Smith emphasized that customers continue to depend on the platform’s data and services. He noted that the company remains committed to building trusted products and launching innovations that will support the ongoing energy transition. He added that LevelTen has navigated shifting market conditions for nearly a decade and remains focused on both its commercial and environmental goals.
The layoffs arrive during a period of political and regulatory change that has disrupted the renewable energy landscape. In July, congressional Republicans passed legislation known as the “One Big Beautiful Bill,” which is set to phase out key tax incentives for wind and solar energy by 2028. Analysts at BloombergNEF project that this could result in a 41% drop in new installations of onshore wind and solar projects in the U.S.
The timing of the restructuring is notable, as it follows the company’s $65 million Series D funding round last year, which included backing from tech giants like Microsoft and Google. At the time, LevelTen had around 130 employees and was pursuing plans for global expansion beyond the 29 countries in North America and Europe where it already operates.
In a 2024 interview, Smith highlighted what he described as a “massive opportunity” to broaden the company’s transaction infrastructure into other climate-focused technologies and attract new customer types.
Even with the current slowdown, LevelTen has continued to close new energy deals. In June, the company facilitated a partnership between Starbucks and Workday to support the development of a 350-megawatt solar power facility in Central Texas.
Rob Collier, LevelTen’s senior vice president of marketplaces, remarked in June that demand for clean power remains strong, especially with rising electricity needs driven by data centers and artificial intelligence. However, he acknowledged that while interest in clean energy remains robust, attracting new customers for power purchase agreements has become more difficult. He also cited issues on the supply side, such as grid connection challenges, permitting delays, and policy uncertainty.
Smith expressed appreciation for the employees affected by the layoffs, describing them as “among the best and brightest in the clean energy industry.”
