Found Energy raise $12M Seed Round to extract energy from aluminium waste

Found Energy raise $12M Seed Round to extract energy from aluminium waste

Cleantech startup Found Energy has successfully secured a $12 million seed round led by Glenfield Partners with participation from KOMPAS VC. This funding round reflects Energy's growing interest and support for innovative technologies aimed at extracting carbon-free energy from various aluminum feedstocks.

FoundEnergy's groundbreaking technology offers a sustainable solution for generating energy while reducing environmental impact. By extracting energy from aluminum feedstocks and producing aluminum hydroxide as a byproduct, the company offers an alternative to traditional energy sources derived from fossil fuels. The process involves the use of a proprietary catalyst and treatment process to crack the protective oxide layer that naturally forms on aluminum during oxidation.

Investors from Europe, the US and Asia have shown strong interest in FoundEnergy's vision, contributing to the seed round. Notable participants include KOMPAS VC with Glenfield Partners LTD, Munich ReVentures, GoodGrowth Capital, Autodesk Foundation, J-Impact, GiTV, and the Massachusetts Clean Energy Center (MassCEC).

With this fresh injection of capital, FoundEnergy plans to accelerate its efforts to deliver pilot systems to early adopters within the year. Additionally, the company aims to further expand its product development initiatives. The ultimate goal is to leverage this technology to drive decarbonization efforts in industries with high carbon emissions, such as manufacturing and shipping.

Talia Rafaeli, partner at KOMPAS VC, emphasized the important role of industrial decarbonization in mitigating climate change. He expressed enthusiasm about FoundEnergy's innovative approach, leveraging aluminum's unique properties to enable low-carbon products and processes across a variety of industries. Raffaelli highlighted his confidence in FoundEnergy's leadership team, led by Peter Goddart and Geddy Ruschin, in spearheading this important effort.

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