Sensor, software and autonomous solutions company Hexagon AB announced today the launch of R-evolution, a new venture which will run profit-driven investments in green-tech projects where Hexagon’s technology can be applied, with the aim to accelerate the transition to a sustainable economy.
Earlier this month, Hexagon unveiled a new sustainability program, including a series of ESG targets encompassing emissions reduction, sustainable supply chain, and diversity. According to the company, R-evolution fits with the new initiatives, leveraging the company’s technology solutions to help support the global sustainability journey.
Hexagon President and CEO Ola Rollén said:
“Hexagon is in the business of leveraging technology and data in ways that improve productivity and quality while making processes more efficient. The result is fewer inputs and less waste. The concept behind R-evolution is no different. Green-tech projects can benefit from many of the same sensor, software, and autonomous solutions our customers use today.
“We founded R-evolution because saving the planet is the biggest business opportunity of the 21st century. The systemic problems caused by climate change demand a sense of urgency – 2050 is the year of too late. We must think and act wisely now if we’re to change our trajectory. R-evolution is an opportunity for industry to motivate rapid change, profitably, while giving back to the planet it’s been depleting since the industrial revolution.”
According to Hexagon, R-evolution’s first set of investments will center around renewable energy, involving the construction and operation of a portfolio of cutting-edge solar farms, targeted at producing energy with 50,000 tonnes less CO2 equivalents per annum than the grid’s residual mix. In addition, the company stated that R-evolution will leverage the returns generated from Hexagon’s equity investments to fund further carbon reduction projects.
Over time, R-evolution’s focus will expand to areas of sustainable agriculture, and to protecting oceans, forests, and more.
“Global commerce doesn’t have to be the enemy to a sustainable future. Instead, it can be the solution. Managing for the long-term, in line with ESG goals, is key to any organisation’s resiliency in the face of uncertainty. And companies like Hexagon, with solutions that can help the world achieve its environmental goals, enabling anyone to become a steward of the natural world, must step up to lead.”
Hexagon announced that it has appointed Erik Josefsson as CEO of R-evolution. Josefsson joins the new venture from tech giant Ericsson, where he served as Vice President, Head of Advanced Industries, leading the delivery of global Industrial IoT and 5G solutions for the manufacturing and process industries.
“Bringing together Hexagon’s industry-leading technology and cutting-edge innovation with profit-driven projects that contribute to saving the planet is both a huge and important task. I’m pleased to announce my decision to appoint Erik Josefsson as R-evolution’s CEO to motivate action through profitable change. Josefsson will be responsible for putting data to work using Hexagon’s portfolio of sensors, software and autonomous solutions to save the planet while providing shareholder returns that reflect businesses’ contributions to a sustainable future.”