Found Energy, a Boston, MA-based cleantech startup building industrial decarbonization solutions, raised $12M in Seed funding.
Backers included KOMPAS VC, Munich Re Ventures, Good Growth Capital, the Autodesk Foundation, J-Impact, GiTV, Massachusetts Clean Energy Center (MassCEC), and Glenfield Partners LTD.
The company intends to use the funds to deliver pilot systems to early adopters within the year and further scale their technology for industrial production.
Led by CEO Dr. Peter Godart, Found Energy has developed an aluminum-thermal power system that continuously generates carbon-free industrial heat, hydrogen, and alumina trihydrate (ATH) on-site from various aluminum feedstocks. Compact and modular, its technology allows a promising new tool to accelerate heavy industry’s transition away from fossil fuels.
Commenting on the news, Dr. Peter Godart said: “Aluminum metal is an ideal way to store and move renewable energy around – it’s the third most abundant element in the Earth’s crust, has double the energy density of diesel, and is safe and easy to transport. Our technology makes it both possible and cost-effective for industrial energy consumers to leverage this potential. It’s a huge vote of confidence to be backed by this veteran group of forward-thinking investors who believe in our mission.”
FinSMEs
17/04/2024