Carbon accounting firm ClearTrace has just raised $20 million in a funding round led by ClearSky with strategic investments from Exelon, EDF Energy North America, Brookfield Renewable and Tenaska.
The financing is intended to boost the company’s growth and help many businesses achieve their decarbonization targets.
ClearTrace’s leading carbon and energy management software serves various customers financial institutions and real estate portfolios to renewable energy suppliers and data centers.
The funding comes after the company signed agreements with global companies, such as JP Morgan Chase, Iron Mountain and Brookfield Properties.
What makes ClearTrace’s platform such an indispensable tool for decarbonization is its ability to deliver 100% actionable and traceable carbon and energy records by the hour.
This allows its users to take meaningful action towards decarbonizing their operations and obtaining leading positions in their respective industries.
Moreover, this level of accuracy will enable businesses to not only keep track of their climate goals, but will also allow them to report accordingly to local authorities, where environmental policies require it.
In a comment on this recent funding, CEO of Cleartrace Lincoln Payton pointed out the lack of reliable data as a tremendous setback, saying: “Despite the rise in decarbonization goals as part of Environmental & Social Governance (ESG) commitments, energy data today is largely siloed, not validated, and non-standardized.”
Payton also emphasized on the importance for energy buyers and sellers to be aware of the carbon intensity of the power they produce or purchase on an hourly basis.
And at this point in time, demand for 24/7 electricity produced from renewable energy sources has never been higher.