ReMo Energy, a Boston, MA-based innovator and manufacturer of industrial materials through the use of renewable energy in lieu of fossil fuels, raised an additional $5.25M Seed funding.
The round was led by early growth fund AiiM Partners, with participation from Breakthrough Energy Ventures, Darco Capital and other strategic angel investors. Shally Shanker, Founder and Managing Partner of AiiM Partners, will be joining the Board of Directors.
The company will use the funding proceeds to scale commercial operations throughout the US Midwest and meet demand from its growing base of customers.
Led by Scott Rackey, CEO and Co-founder, ReMo Energy uses predictive modeling and a novel approach for the construction of plants to overcome the challenges of using distributed intermittent renewable energy sources. The company’s facilities are lower capex and standardized, enabling ReMo to build and scale faster while also producing and distributing its products at lower cost. The company’s initial target market is ammonia, one of the most critical inputs to global agriculture and food production, and currently supply-constrained by macroeconomic events such as the war in Ukraine. While ReMo will initially focus on green ammonia for clean fertilizer applications in the corn belt of the U.S., future markets will include shipping fuel and hydrogen storage.
FinSMEs
14/07/2022