Found Energy, a cleantech startup building industrial decarbonization solutions that harness the embodied energy of aluminum, secures $12million in seed funding.
The round included investments from KOMPAS VC, Munich Re Ventures, Good Growth Capital, the Autodesk Foundation, J-Impact, GiTV, Massachusetts Clean Energy Center (MassCEC), and Glenfield Partners LTD.
Found Energy is addressing the climate crisis by providing an economical, safe, and ethical alternative to fossil fuels. With their novel energy carriers, they are bringing clean energy to the most difficult-to-decarbonize industries on Earth, including industrial heating (20% of global CO2 emissions), maritime shipping (3% of global CO2 emissions), and more.
Read also – CA-based Vorlon Secures undisclosed amount in Series A Round Funding
The company 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, Found Energy’s technology unlocks a promising new tool to accelerate heavy industry’s transition away from fossil fuels.
The demonstration systems operating at Found Energy’s Boston headquarters have caught the attention of large industrial energy consumers. With the capital raised, the company plans to deliver pilot systems to early adopters within the year and further scale their technology for industrial production.
Dr. Peter Godart, CEO of Found Energy said, “As we move towards a net-zero future, we need practical solutions to bring renewable energy where it is needed and when, 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.”
Talia Rafaeli, Partner at KOMPAS VC said, “Industrial decarbonization is crucial for mitigating climate change by reducing greenhouse gas emissions from manufacturing processes. Found Energy plays a key role in this effort by leveraging the unique properties of aluminum and enabling the development of low-carbon products and processes across multiple industries. We are excited to back Peter Godart and Gadi Ruschin in this important undertaking,”.
About Found Energy
Found Energy is building rechargeable aluminum fuel power systems aimed at eliminating carbon emissions from heavy industrial applications ranging from industrial heating (7% of global CO2 emissions) to maritime shipping (3% of global CO2 emissions).
Building off technology developed at MIT that enables metallic aluminum to split water, their energy delivery systems safely generate hydrogen and/or industrial heat on-site at >5x the volumetric energy density of liquid hydrogen, >3x that of methanol and ammonia, and >25x that of Li-ion batteries.
