Cleantech startup Cleartrace announced today that it has raised $20 million, with proceeds to be used to accelerate the growth of its carbon and energy management platform, which helps companies reach decarbonization targets.
Founded in 2017, Cleartrace provides traceable and actionable hourly energy and carbon records for organizations with ESG and sustainability goals, such as real estate owners, investors, data centers and renewable energy suppliers. The platform enables its clients to make progress towards achieving decarbonization through load-matched renewable energy sales or purchases.
This level of data also allows clients to prove when they have reached their decarbonization goals and report on compliance with local environmental policies.
Lincoln Payton, CEO of Cleartrace, said:
“Despite the rise in decarbonization goals as part of Environmental Social and Governance (ESG) commitments, energy data today is largely siloed, not validated and non-standardized. Renewable energy buyers and suppliers need to understand the carbon intensity of the electricity they consume or produce – on an hourly basis–in order to advance their decarbonization strategies.”
The round was led by venture capital investor ClearSky, with strategic investment from pure-play renewable power platform operator Brookfield Renewable, energy services company EDF Energy North America, energy company Tenaska, and utility company Exelon.
Stephen Gallagher, Chief Commercial Officer of Brookfield Renewable’s U.S. business, said:
“Leveraging Cleartrace’s hourly energy and carbon data positions our business ahead of the market to offer maximum decarbonization for our clients. Demand by companies for 24/7 clean energy has never been higher, and this technology helps make that possible.”
As part of the deal ClearSky, Brookfield Renewable, EDF Energy North America, and Tenaska gain board representation.
James Huff, Managing Director at ClearSky, said:
“There are significant macro effects that are forcing more transparent and granular carbon reporting. Consumers are forcing it. Compliance is forcing it. And that’s not to mention the marketing and capital markets value that having hourly data can bring to an organization. Cleartrace has the team, the technology and the partnerships to capitalize on the market opportunity.”