ReMo Energy Raises $5.25M to Demonstrate Distributed Renewable Materials Production
BOSTON–(BUSINESS WIRE)–ReMo Energy, an innovator and manufacturer of industrial materials through the use of renewable energy in lieu of fossil fuels, today announced that it has raised an additional $5.25M Seed round led by early growth fund AiiM Partners, with participation from Breakthrough Energy Ventures, Darco Capital and other strategic angel investors.
ReMo Energy is accelerating the decarbonization of industrial materials, including ammonia, fuels, and polymers – altogether a trillion-dollar market responsible for 14 gigatons of greenhouse gasses annually. ReMo uses predictive modeling and a novel approach for the construction of plants to overcome the challenges of using distributed intermittent renewable energy sources. The company’s facilities are lower capex and standardized, enabling ReMo to build and scale faster while also producing and distributing its products at lower cost. The company’s initial target market is ammonia, one of the most critical inputs to global agriculture and food production, and currently supply-constrained by macroeconomic events such as the war in Ukraine. While ReMo will initially focus on green ammonia for clean fertilizer applications in the corn belt of the U.S., future markets will include shipping fuel and hydrogen storage.
ReMo Energy will use the funding proceeds to scale commercial operations throughout the US Midwest and meet demand from its growing base of customers.
Scott Rackey, CEO and Co-founder of ReMo Energy, said, “We always seek opportunities to mitigate climate change, but our approach does more than that. ReMo both enables decarbonization and makes the agricultural supply chains more resilient – all without adding cost for the farmer.”
Shally Shanker, Founder and Managing Partner of AiiM Partners, will be joining the Board of Directors. “ReMo’s technology and innovative approach can scale production of renewable materials in two years, versus what typically takes ten years for competitors, while also being cheaper than fossil-fuel based products,” Shally said. “Their solution will accelerate the transition of hard-to-decarbonize sectors and help us avoid the worst of climate change.”
Carmichael Roberts of Breakthrough Energy Ventures said, “ReMo is at the leading edge of developments in renewable materials. ReMo’s ammonia product can play a critical role in decarbonizing the agricultural industry while also ensuring growers get the low-cost nitrogen fertilizers they need. ReMo Energy’s technology benefits all stakeholders, including renewable energy developers and fertilizer purchasers.”
About ReMo Energy
ReMo Energy’s mission is to make today’s fossil-based chemicals from renewable energy. The company has deep expertise in renewable energy, chemical engineering, and project development. ReMo Energy has reimagined every step of chemical production processes to adapt them to the scale and intermittency of low cost solar and wind power projects. ReMo Energy’s products make it possible for the world to improve global quality of life while also massively reducing the emissions of greenhouse gasses and other pollutants.
About AiiM Partners
AiiM Partners invests in market-leading climate change solutions addressing a $17 trillion global opportunity– with focus on the alternative materials, agriculture & food systems, energy transition and data & digitization sectors. Their diverse team has over a ten-year track record of investing in climate change companies and comprises investors, entrepreneurs, operators and industry experts with over 160 years of combined experience. AiiM focuses on identifying market leaders with commercial solutions that can generate measurable environmental impact and top tier financial performance within a decade. Their team takes a holistic approach towards addressing the climate problem, prioritizing solutions that not only reduce but also sequester greenhouse gasses. For more information, please visit www.aiimpartners.com.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
Visit https://www.remo.energy
Contacts
Media Contact: Kerry Spring, pr@remo.energy
