H&M Group invests in Rondo Energy to further strengthen their climate strategy — Rondo Energy
Summary
Rondo will use H&M Group Ventures investment to expand its international operations and to develop and build storage projects serving this need.Rondo Heat Batteries deliver deep decarbonization by changing the fuel, not the factory. As a member of Rondos advisory board, H&M Group will join other global leaders seeking large-scale, low-cost, zero-carbon energy to power their operations, including Rio Tinto, Aramco Ventures, SABIC, SCG, TITAN, and SEEIT. ""Rondo is thrilled to be working in partnership with H&M Group to explore how our technology can be of use in their supply chain, and to have H&M as an investor and member of our Strategic Investor Advisory Board" said Eric Trusiewicz, CEO of Rondo Energy.The fashion industry has been called hard to decarbonize, due to the structure of the industry and its needs for low-cost energy. Rondo Heat Batteries replace most fossil fuel use in fabric production, and could cut the carbon footprint of our clothing by nearly two-thirds.H&M Group has been investing steadily in decarbonizing its supply chain through several initiatives to support suppliers reducing their use of energy, increasing their use of renewable electricity and replacing fossil fuels. The companys thermal battery energy storage has the potential to help factories electrify, which is key to achieving our climate targets.