Clean Growth Fund has invested a further £1m in Carbon Re as part of its £4.2m seed funding round, having first invested in the climate tech start up in 2021. Clean Growth Fund is committed to supporting innovations that offer the potential to significantly reduce greenhouse gas emissions.
Carbon Re uses Artificial Intelligence (AI) to cut CO₂ emissions in the global cement industry and other hard-to-abate industrial processes. Their Delta Zero AI platform enables plants to reduce over 50 kilotonnes of CO2 emissions per year – the equivalent of taking 11,000 cars off the road.
2022 has been a year of expansion for the company including deployment of its first product, Delta Zero Cement, into cement plants across the Americas, Europe and Asia and expanding its functionality from day ahead forecasting to real time.
This latest investment, alongside Planet A Ventures, UCL Technology Fund and Cambridge Enterprise, will enable Carbon Re to scale up development and deployment of its novel technology, including further roll-out into the global cement market and expansion into other energy-intensive industries, such as steel and glass. As these sectors each account for over 20% of global greenhouse gas emissions,. Carbon Re’s software-only approach means that it is easily and rapidly deployable, resulting in immediate reductions in carbon emissions.