Cleartrace Raises $20 Million Financing Led by ClearSky
Leading carbon and energy management software company Cleartrace announced a $20 million financing round that was led by ClearSky with strategic investment from Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon.
June 30, 2022. By News Bureau
“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,” said Lincoln Payton, CEO, Cleartrace. “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 company brings to light data that was previously unseen for renewable energy buyers and suppliers. Its product delivers 100% traceable and actionable hourly energy and carbon records for organizations with ESG and/or sustainability goals, such as real estate owners, investors, data centers and renewable energy suppliers.
“Leveraging Cleartrace’s hourly energy and carbon data positions our business ahead of the market to offer maximum decarbonization for our clients,” said Stephen Gallagher, Chief Commercial Officer, Brookfield Renewable US. “Demand by companies for 24/7 clean energy has never been higher, and this technology helps make that possible.”
“There are significant macro effects that are forcing more transparent and granular carbon reporting,” explained James Huff, Managing Director, ClearSky. “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.”
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