WattCarbon, an energy decarbonization company, announced that it has raised a $4.5 million seed round led by True Ventures to launch the world’s first Net Zero 24/7 Carbon Free Energy Market. WattCarbon’s Virtual Power Plants (VPPs) allow energy consumers to offset their energy use on a time and locational basis from renewable energy projects, demand response dispatch, and electrification projects sourced from their own communities, turning local buildings into decarbonization assets.
“Companies and cities are racing to achieve authentic net zero commitments,” said WattCarbon CEO McGee Young. “We are excited to launch a service that actually makes net zero energy immediately possible for any organization. Virtual Power Plants that offset grid consumption with equal amounts of clean energy production or reductions in other buildings on a 24/7 basis are the only way we’ll come close to achieving emissions reduction goals by 2040.”
WattCarbon’s marketplace features clean energy supply from companies that are able to deliver carbon reductions through electrification, demand response, and renewable energy production. Participating suppliers in the WattCarbon market include renewable energy developers like Pivot Energy, demand response aggregators like Leap Energy, energy retailers like Branch Energy, and electrification companies like Elephant Energy.
Net zero energy buyers can select from renewable energy, demand response and energy efficiency, as well as electrification projects to match their grid consumption on a 24/7 basis. Additionally, they can choose options that meet Scope 1 and Scope 3 emission reduction goals. WattCarbon measures and verifies every project to ensure the carbon emissions reductions are actually occurring.
“Companies and individuals are increasingly looking for ways to do more to reduce their carbon footprints and transition to clean energy,” said Priscilla Tyler, vice president at True Ventures. “WattCarbon provides an innovative way for them to quickly and confidently make a tangible impact on the environment.”
In addition to True Ventures, existing investors Village Global, Jetstream, Not Boring Capital, Keiki Capital, Rick Stratton, and Chris Vargas were joined by Greensoil PropTech Ventures, Nexus Labs, and Andrew Karsh in filling out the round.
WattCarbon is a clean energy platform that connects organizations to 24/7 carbon-free distributed energy resources. The WattCarbon marketplace offers a wide range of procurement options, including renewable energy, demand response, and electrification projects. WattCarbon is committed to accelerating the transition to a clean energy future and reducing our reliance on fossil fuels. For more information, visit http://www.wattcarbon.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With more than $2.8 billion under management, True provides seed and Series A financing to entrepreneurs in today’s fastest-growing markets. To date, True has helped more than 300 companies launch and scale their businesses, creating over 25,000 jobs worldwide. To learn more, visit http://www.trueventures.com.