We are excited to share the news on Flexidao, Rockstart 2018 portfolio company, $6.5 m investment round led by SET Ventures, with investment from Google and the Microsoft Climate Innovation Fund and EIT InnoEnergy. The investment will drive rapid scaling of the company’s first-of-its-kind software platform worldwide, focused on the US and Europe.
More than one-third of the world’s largest publicly traded companies now have net zero targets, and there is increasing pressure on companies for transparent reporting of their emissions to drive decarbonisation. For example, the US Securities and Exchange Commission recently proposed new rules to enhance and standardize climate-related disclosures for investors, requiring greater transparency. Yet, companies lack the tools to accurately calculate and reduce the carbon footprint of their electricity. Indeed, few companies know if the “green” electricity they already buy is really carbon-free, every hour and in every location.
FlexiDAO traces electricity and its carbon footprint through the entire supply chain every hour of the day, providing the transparency customers need. Despite pressure to commit to credible and transparent decarbonization goals, companies lack the tools to understand if ‘100% renewable’ electricity is carbon-free at all times.
The investment will drive rapid scaling of the company’s first-of-its-kind software platform worldwide, focused on the US and Europe. Google and Microsoft are not only investing, but are also customers of FlexiDAO, already using the technology to support their targets of 100% 24/7 carbon-free electricity by 2030.
FlexiDAO´s software platform uses blockchain technology to certify and trace electricity from production to consumption, to enable credible and verifiable claims on its carbon footprint, every hour of the day. This enables customers to understand the origin and carbon footprint of the energy they consume across their operations and take action to procure cleaner electricity and drive decarbonisation of their operations, making 24/7 carbon-free energy a reality.
“If we don’t act now by pushing breakthrough technologies that decarbonise every electron, every hour of every day, we will never meet decarbonisation targets. This investment is a significant milestone for FlexiDAO, but also for the wider 24/7 carbon-free energy market. With our new partners, we can expand our global footprint and our product-portfolio, offering solutions to support companies through their journey to 100% carbon-free energy. This includes the trading and procurement of granular hourly certificates for clean energy, helping customers accelerate their transition to net zero.”
Simone Accornero, CEO and co-founder of FlexiDAO
The full details on the round can be found here https://bit.ly/3ImvNGe
We’re very proud to have been a part of the journey and congratulate the Flexidao team on this major milestone.