Silicon Ranch, a renewable energy company co-founded by former Nashville Mayor and Tennessee Gov. Phil Bredesen, has acquired Clearloop, a company he also co-founded that offers businesses a way to offset their carbon footprint by building solar farms.
Both Silicon Ranch and Clearloop are based in Nashville and will share office space at Silicon Ranch’s headquarters downtown. Clearloop will continue to operate under its own brand, under the leadership of CEO and co-founder Laura Zapata, who was communications director for Bredesen’s unsuccessful 2018 U.S. Senate bid.
Terms of the acquisition were not disclosed in a release.
Bredesen helped launch Silicon Ranch shortly after leaving the governor’s office, and the company has since raised hundreds of millions of dollars and partnered with energy giant Shell. He helped launch Clearloop, in which a spokesperson said he does not have a controlling stake, in the wake of his Senate loss.
“Silicon Ranch’s investment in Clearloop is a major vote of confidence in our team and our vision for a tangible climate solution and will help power our work for the long-term with a trusted partner,” Zapata said in the release.
The acquisition of Clearloop expands Silicon Ranch’s offerings to corporate buyers to meet not only their renewable energy targets but also their decarbonization and broader goals, company executives said.
“Silicon Ranch’s acquisition of Clearloop constitutes a notable break from traditional carbon offset practice,” Zapata said. “Typically, stakes in offsets from alternative energy production — such as solar and wind energy — have been sold to corporations via third parties such as carbon registry brokers. This use of middlemen with outdated or poorly regulated carbon registries often clouds the source of the offset credit and gives the buyer little to no tangible evidence of impact.”