Cambridge Scientists Secure $5M from Leading Global Venture Capital Funds and Corporations to Transform Scope 3 Decarbonization
PR Newswire
CAMBRIDGE, England, Oct. 2, 2024
Regeneration.VC leads Neutreeno's Seed round alongside Remarkable Ventures Climate Fund (RVC), Closed Loop Partners, Prequel Ventures, Scania Invest and Beacon Venture Capital.
CAMBRIDGE, England, Oct. 2, 2024 Neutreeno, a pioneering deep tech startup spinning out of the University of Cambridge has secured a $5 million Seed round with support from a global syndicate of mission-aligned investors.
On average, companies have over 90% of emissions in their value chain (Scope 3) and 93% will fail to achieve their net zero goals unless they double the pace of emissions reduction by 2030. This is challenging due to a lack of primary value chain data, the inability to influence suppliers and the high cost of decarbonization.
Neutreeno's proprietary process networks, based on mass and energy flow research, significantly minimise the primary data burden on suppliers and allows enterprises to map product lines faster and with greater precision than existing tools. Their easy-to-use and affordable digital system automatically pinpoints solutions that reduce emissions and costs across 1,000s of suppliers. Neutreeno's customers span Asia, Europe, and North America, including S&P 500 and FTSE 250 companies across multiple industries, and a wide range of SMEs.
Fredrik Nilzén, Head of Sustainability at Scania Group, one of the world's largest commercial vehicle manufacturers, emphasized, "Neutreeno offers a unique and innovative solution that is crucial for tackling sustainability challenges with improved efficiency and cost-effectiveness at scale. Scania Invest's support emphasizes the strategic importance of advancing Neutreeno's pioneering technology in the sustainability landscape."
Dr Spencer Brennan, Neutreeno's founder, assembled a team of scientists who over two decades pioneered concepts of circularity and resource efficiency in complex supply chains, informing international climate policy. Spencer remarked, "we take a completely novel, robust engineering approach to challenge the Scope 3 status quo." Professor Jonathan Cullen, Head of Climate Science at Neutreeno and Lead Author for the IPCC AR6 Industry Chapter, stated, "Neutreeno breaks away from the noisy landscape of tedious, form-?lling accounting-based carbon software."
Neutreeno delivered groundbreaking results for a multi-billion-dollar enterprise customer, identifying a 35% emissions reduction potential across Scope 1-3 for one of its suppliers and automatically pinpointing actions leading to new product designs, procurement changes, and substantial emissions reductions - all in just four weeks.
Enthused by the company's mission to democratize emissions reductions for millions of businesses, Michael Smith, General Partner of Regeneration, commented, "Neutreeno has the first technical system able to move beyond Scope 3 reporting to systematically decarbonize industry, unlocking the US$130 trillion of capital waiting to fund the low-carbon transition."
With its innovative approach and strong industry backing, Neutreeno is poised to make a signi?cant impact on global decarbonization efforts, helping companies achieve their climate goals faster than ever before.
About Neutreeno
Utilizing proprietary process networks and engineering models, Neutreeno identifies and eliminates emissions at source. Neutreeno partners with leading businesses wanting to move beyond carbon accounting and take decisive action to decarbonize Scope 3 emissions. Learn more here.
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