Climate tech company Carbon Re, which is building state-of-the-art AI to decarbonize energy-intensive industries, raised £4.2 million ($4.8 million) seed funding to scale up development and deployment of its novel technology.
Planet A Ventures, a Berlin-based green tech venture capital firm, led the investment with follow-on participation from Clean Growth Fund, UCL Technology Fund and Cambridge Enterprise. The new investment will enable product roll-out into the global cement market and expand into other energy-intensive industries.
Carbon Re’s cloud-based Delta Zero AI platform models the unique production environment of each plant and uses advanced machine learning and AI techniques to achieve previously out-of-reach operational efficiencies. Delta Zero continuously analyses manufacturing data to enable plant operators to optimize production processes on a near-live basis.
Optimal processes can be identified for the lowest possible CO2 output and fuel use, reducing operational costs and carbon emissions to otherwise unachievable levels, with no capital expenditure.
“At a time of escalating fuel prices and increasing emphasis on CO2 reduction targets, there is an urgent need for action,” Carbon Re CEO Sherif Elsayed-Ali said. “Carbon Re is connecting the biggest challenge of our time – climate change – with the biggest opportunity – advances in AI. Our cement plant trials have demonstrated that Delta Zero can deliver dramatic CO2 savings on a near-live basis.
“Our platform provides a unique solution for energy-intensive industries that delivers £2 million in fuel cost savings and 50,000 tonnes of CO2 savings per plant. This latest funding round will enable us to accelerate our mission to reduce carbon emissions by gigatonnes every year,” he concluded.
