Climate tech start-up Carbon Re is set to receive a £1 million ($1,381,110) investment to advance the development of artificial intelligence (AI) technology designed to slash CO2 emissions.
Carbon Re is a UK-based tech company that aims to help decarbonize energy-intensive sectors, such as, for instance, the cement industry.
And to do this, the start-up is focused on developing unique AI technology that will help make these industries more operationally efficient by minimizing their costs, energy consumptions, and therefore their CO2 emissions, as well.
And now UK venture capital fund Clean Growth Fund has decided to back Carbon Re with a £1 million cash injection, which is to help the company achieve its goal of becoming the world’s leader in AI solutions for industrial decarbonization.
Carbon Re has already undertaken several pilot projects in different countries, including Turkey, Thailand, India and Vietnam that have shown promising results. In fact, the company’s cloud-based Delta Zero platform has the potential of cutting carbon dioxide emissions by 20% in cement and fuel plants, which could save them as much $5.9 million each year.
Cement, chemicals and steel manufacturers, along with other energy intensive sectors, are responsible for roughly 20% of global greenhouse gas (GHG) emissions. Hence, helping exactly these industries reduce their CO2 output could have a strong impact on mitigating the climate crisis as a whole.
Furthermore, as stated by Carbon Re CEO Sherif Elsayed-Ali, the company has ambitions of slashing emissions “at the gigatonne scale”.
The deep reinforcement software is built upon the foundation of research from Cambridge University and University College London (UCL).
Investment Director of Clean Growth Fund Stephen Price expressed confidence on behalf of the other investment fund that Carbon Re’s cutting-edge AI technology could accelerate the heavy industry’s transition to greener, more sustainable operations.
And this new investment will allow the UK-based start-up to take its work to the next level and bring into the commercial arena.