Renewabl has announced a significant Seed investment round led by Finnish clean energy investor, Helen Ventures. This seed funding round also includes support from Encevo Group, Toyota Ventures, Nesta, Enery, and reinvestment from PortfoLion alongside others.
Addressing urgent challenges in energy procurement
Renewabl’s mission focuses on data-driven solutions to streamline energy procurement, reduce Scope 2 & 3 emissions, and mitigate greenwashing risks. Research shows optimising renewable integration can cut Scope 3 emissions by up to 20%, crucial for meeting carbon reduction goals (LBL, 2023; SBTi, 2021). With renewables poised to surpass coal in electricity generation by 2025, advanced procurement strategies bolster investor confidence, aligning with ESG criteria integrated by 80% of asset managers (IEA, 2023; Ceres Investor Network).
Innovative technologies that Renewabl employs include distributed ledger traceability and hourly matching to enable demand-response strategies and integrate renewables into energy-intensive supply chains. This drives operational cost savings and enhances sustainability efforts (LBL; Value Chain Report by SBTi, 2023).
Use of funds and impact
Renewabl’s platform empowers companies to gain deep insights into their emissions and Carbon-Free Energy (CFE) scores, enabling targeted mitigation strategies. They can trace renewable energy to its source of generation and align it with consumption on an hourly basis. The platform utilises smart algorithms to optimise corporate portfolios, highlighting the most impactful clean energy products available.
The previous round of investment in 2023, backed by PortfoLion, South Pole and Q Ventures, allowed the company to deploy a state-of-the-art digital platform for time-stamped, location-based green energy certificates to ensure traceability to the source.
This new investment enables them to leverage on distributed ledger, data analysis and AI-forecasting capabilities to drive the transition of the corporate world to renewables and the Net Zero targets. They are set to expand to strategic European countries such as Spain, Italy, France, and Germany, and accelerate the development of the two pivotal components of the platform:
- Renewabl Track: An advanced SaaS tool for visualising and assessing consumption data and renewable energy portfolios. This climate management and accounting software focuses on energy, hourly CFE score, and Scope 2 and 3 emissions.
- Renewabl Trade: A cutting-edge tendering platform and marketplace enabling companies to procure optimal and impactful renewable energy solutions directly from suppliers & power producers.
Looking ahead, Renewabl’s advancements in energy procurement will profoundly impact both buyers and suppliers. For energy buyers, Renewabl’s advancements in energy procurement include real-time energy matching visualisation and adaptive pricing models aimed at simplifying decision-making and reducing operational overheads. These innovations empower corporations with streamlined processes to meet sustainability goals effectively. For suppliers, Renewabl ensures expanded revenue streams and broader market reach, fostering a sustainable energy ecosystem.
