Climate tech company Carbon Re has raised £4.2 million ($4.8 million) seed funding to scale up the development and deployment of its technology. The company’s Delta Zero AI platform allows the energy-intensive cement industry to reduce CO2 emissions by more than 50 kilotonnes annually.
Planet A Ventures, a Berlin-based green tech venture capital led the investment round, which also involved Clean Growth Fund, UCL Technology Fund, and Cambridge Enterprise. The funding will allow for product roll-out into the global market for cement and expansion into other highly pollutive industries, such as steel and glass.
Carbon Re’s software, which was launched two years ago, is already being used in pilot projects to bring down carbon emissions by up to 10% in Europe, Asia, and the Americas.
“At a time of escalating fuel prices and increasing emphasis on CO2 reduction targets, there is an urgent need for action,” Sherif Elsayed-Ali, CEO of Carbon Re. “Carbon Re is connecting the biggest challenge of our time – climate change – with the biggest opportunity – advances in AI.” The company’s cement plant trials have shown that Delta Zero can deliver dramatic carbon savings, he also said.
The cloud-based Delta Zero platform models the production environment of each plant and uses machine learning and AI to achieve efficiencies in operation. It identifies optimal processes for the lowest possible carbon output and fuel use, bringing down operational costs and carbon emissions in the process.
Carbon Re’s platform can address the toughest challenges on the road to a carbon-neutral future, said Jan Christoph Gras, General Partner at Planet A. In addition to cement, the company has the potential to develop a large portfolio across multiple industries, he added.