Image credits: FlexiDAO
FlexiDAO, a Barcelona-based software provider for 24/7 electricity and carbon tracking, announced that it has raised €6.1M in a Series A round of funding led by SET Ventures. Google, the Microsoft Climate Innovation Fund, and existing investor EIT InnoEnergy, also participated in the round.
The capital will help FlexiDAO to scale its software platform worldwide, focused on the US and Europe.
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Simone Accornero, CEO and co-founder of FlexiDAO, says, “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.”
More than one-third of the world’s largest publicly traded companies have net-zero targets, and there is increasing pressure on companies for transparent reporting of their emissions to drive decarbonisation.
However, companies lack the tools to accurately calculate and reduce the carbon footprint of their electricity.
This is where the Spanish company comes into play.
Accornero says, “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.”
FlexiDAO: What you need to know
Founded by Joan Collell and Simone Accornero, FlexiDAO’s software platform uses blockchain technology to certify and trace electricity from production to consumption.
The software enables customers to understand the origin and carbon footprint of the energy they consume and take action to procure cleaner electricity and drive decarbonisation of their operations.
The company is active in 13 countries and works with world-leading renewable energy suppliers and energy buyers, including Acciona, Iberdrola, Vodafone, and Iron Mountain, among others.
By measuring the hourly match between energy consumption and the green energy purchased, FlexiDAO customers can verify progress towards their net-zero ambitions, says the company.
Investor
Based out of Amsterdam, SET Ventures has invested in digital technology for a carbon-free energy system since 2007.
The Dutch VC invests in companies with sustainable solutions and a strong digital DNA, leading the systemic change of how energy is generated, distributed, stored, and consumed in sectors such as distributed infrastructure, energy retail, buildings, mobility, and industry.
Maud Texier, Global Head of Clean Energy Development at Google, says, “As Google and others move towards 24/7 carbon-free energy, we need new capabilities that enable us to track with credibility how the carbon-free electricity produced matches what is consumed. We are very excited by the value that the partnership with FlexiDAO will unlock for Google and for the energy transition.”
Brandon Middaugh, Director of the Microsoft Climate Innovation Fund, says, “Last year, Microsoft announced its 100/100/0 vision and commitment to have 100 per cent of its electricity consumption, 100 per cent of the time, matched by zero-carbon sources by 2030. We know that to achieve this goal, we will need innovative solutions like FlexiDAO that will help reliably track and verify carbon-free energy consumption. Through Microsoft’s Netherlands datacenter pilot of FlexiDAO’s granular energy certification and this new investment, we are excited to work with FlexiDAO to advance our zero-carbon vision and to catalyse grid decarbonisation.”
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