UK’s Carbon Re bags €4.7M for AI-powered solution to decarbonise energy-intensive industries
Summary
London-based Carbon Re, an Artificial Intelligence and climate tech company that is working to decarbonise energy-intensive manufacturing, announced on Monday that it has raised £4.2M (approximately €4.78M) in a Seed round of funding. Jan Christoph Gras, General Partner at Planet A, says, “Energy-intensive materials, such as cement and steel, are the backbone of modern economies but they account for more than 20 per cent of global CO2 emissions. Carbon Re’s Delta Zero AI technology claims to enable the highly pollutive cement industry to reduce over 50 kilo tons of annual CO2 emissions per plant. The present strategy for these sectors mainly relies on carbon capture and storage, a technology that will take decades to scale and currently drives up the price of these essential resources by as much as 60 per cent. In just two years, Carbon Re’s software has been utilised in pilot projects to reduce fuel consumption and CO2 emissions at cement plants in Europe, Asia, and the Americas by up to 10 per cent.
Funding
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