- Companies lack the tools to understand if ‘100% renewable’ electricity is carbon-free at all times.
- FlexiDAO receives joint investment from global tech leaders to make businesses worldwide reach 24/7 carbon-free electricity.
- FlexiDAO provides transparency by monitoring electricity and its carbon footprint of the entire energy supply chain every hour of the day.
Barcelona-based FlexiDAO startup announced a $6.5 million investment round led by SET Ventures, with investment from Google and the Microsoft Climate Innovation Fund as well as its existing investor EIT InnoEnergy. This is another step for companies to accelerate their desire to adopt carbon-free energy solutions more rapidly.
Helping companies reach net-zero emissions
Recent climate change policies make carbon-free energy sources a top priority for governments, organizations, and businesses worldwide. Already many companies announced their commitment to use 24/7 Carbon-Free Energy (CFE) including Google and Microsoft. 24/7 CFE means that every kilowatt-hour of electricity consumption is met with carbon-free electricity sources, every hour of every day, everywhere. But there is an obstacle to it. It is the lack of the tools to understand or track whether “100% renewable” electricity is carbon-free at all times. This is where FlexiDAO comes into the scene.
FlexiDAO’sinnovative CFE software will help companies reach net zero emissions by monitoring where their electricity comes from and if it is CFE or not, every hour of the day. Simone Accornero, CEO, and co-founder of FlexiDAO said;
« 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.»
FlexiDAO states on its website that its software traces electricity and its carbon footprint across the entire supply chain every hour of the day. This allows clients to track the origin and carbon footprint of the energy they use through their operations and take action to purchase cleaner electricity a reality, making 24/7 carbon-free energy. Indeed, this is what the companies or organizations aim for. The investment will help FlexiDAO to speed up its software development and distribution worldwide. The company currently focused on US and European markets.