Original source: PRNewswire
Jan 11, 2022 Dallas, Texas – Skyven Technologies, Inc., an industrial Energy-as-a-Service (EaaS) company which funds and de-risks capital projects to reduce carbon emissions caused by process heat, announced today that it has closed an oversubscribed $4M institutional seed round led by VoLo Earth Ventures with participation from Global Founders Capital and the SWAN Impact Network.
This funding comes on top of California Energy Commission grant awards, bringing the total capital intake in 2021 to $6.5M. Skyven will use this round of funding to grow its EaaS offering–investing in sales, marketing, project execution, and software development teams to scale industrial emissions reductions.
“We know that to make progress on climate change, we have to align financial, operational, and environmental goals. To make that happen, we are pioneering an innovative tech-enabled business model where we only succeed if our customers succeed,” said Arun Gupta, founder and CEO of Skyven Technologies, Inc. “As we continue to see this vision through, we are grateful for our new partners and existing investors who are committed to building a resilient and equitable future.”
Thermal energy is one of the most notoriously difficult areas to decarbonize for manufacturers, due to the complex nature of industrial plants. Skyven’s proprietary solutions to the problem use AI to identify large opportunities to cut fossil fuel consumption and an IOT platform to process real-time operating data for purposes ranging from carbon accounting to risk management. The company works hand-in-hand with its customers to implement clean thermal energy projects, using the technology to ensure an excellent customer experience.
“With a growing need for industrial climate solutions that deliver quantifiable carbon benefit, VoLo Earth is excited about Skyven’s approach tackling solution architecture and flexible financing to rapidly scale decarbonization efforts,” said Kareem Dabbagh, Co-Founder and Managing Director of VoLo Earth Ventures. “We’re confident in Skyven’s expert team of entrepreneurs and engineers to make a meaningful environmental impact, accelerating the new energy economy.”
About Skyven Technologies:
Skyven Technologies is an Energy-as-a-Service company which funds and de-risks capital projects to reduce carbon emissions caused by process heat. It pursues industrial decarbonization with a tech-forward business model that aligns its revenue stream with its customers’ environmental and operational goals. For more information visit: skyven.co
About VoLo Earth Ventures:
VoLo Earth is addressing our planet’s climate crisis at its roots by providing first-in funding and hands-on leadership to early-stage climate tech companies. VoLo Earth strives to grow, propagate, and capitalize on climate solutions with an intent to deliver superior investment returns and quantifiable carbon benefit.