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.
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