Found Energy, a company building industrial decarbonization solutions that tap into the embodied energy of aluminum, announced an oversubscribed seed round of $12 million. 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.
Found Energy addresses the climate crisis by providing an economical, safe, and ethical alternative to fossil fuels. And 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 carbon dioxide emissions), maritime shipping (3% of global carbon dioxide emissions), and more.
The company has created an aluminum-thermal power system that continuously generates carbon-free industrial heat, hydrogen, and alumina trihydrate (ATH) on-site from various aluminum feedstocks. Found Energy’s technology unlocks a promising new tool to accelerate heavy industry transition from fossil fuels.
These demonstration systems operating at Found Energy’s Boston headquarters drew the attention of large industrial energy consumers. With the funding round, the company plans to deliver pilot systems to early adopters within the year and further scale its technology for industrial production. In this next phase of company growth, Found Energy looks forward to bringing aluminum energy to the world stage.
KEY QUOTES:
“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.”
- Dr. Peter Godart, CEO of Found Energy
“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.”
- Talia Rafaeli, Partner at KOMPAS VC
“We’re excited to back Found Energy’s ambitious vision for decarbonization. The potential for their technology to not only disrupt the aluminum industry, but also energy storage and transport as a whole, is very exciting.”
- Peter Ortez, Principal at Munich Re Ventures
