UK-based climate tech company Carbon Re is to receive a £1m cash injection to boost development of its artificial intelligence (AI) technology that aims to reduce carbon dioxide (CO2) emissions.
The investment will come from the Clean Growth Fund, a UK venture capital fund comprised of several investors.
Focusing on hard-to-abate sectors such as the global cement industry, Carbon Re’s Delta Zero cloud-based platform uses AI to make energy intensive industries more operationally efficient by reducing energy consumption, cost and carbon emissions.
Following pilot projects undertaken at cement plants in the EU, Turkey, India, Thailand and Vietnam, the company calculates that the Delta Zero platform could cut CO2 emissions emitted from fuel at cement plants by 20%, in addition to a $2.3-5.9m saving per annum for each plant.
Aiming to reduce global emissions at the Gigatonne scale, Carbon Re intends to become the leading global AI company to deliver industrial decarbonisation, according to Sherif Elsayed-Ali, CEO, Carbon Re.
With energy intensive industries such as cement, steel and chemicals producing 20% of global greenhouse gas (GHG) emissions, Elsayed-Ali is a strong proponent of widespread adoption of its technology.
“Our advanced software helps these industries cut their energy costs and crucially reduce their carbon emissions,” he added.
The deep reinforcement software is based on world-leading research from University College London (UCL) and Cambridge University.
Stephen Price, Investment Director, Clean Growth Fund commented on the benefits of the technology, saying that by applying Carbon Re’s leading edge AI technology, heavy industry’s transition to more sustainable practices can be accelerated.
The investment will help the company to take the research-based work and place it into the commercial arena. Although Carbon Re is still focused heavily on the cement industry, it plans to expand into other energy intensive industries over the next 12-18 months.