Energy Impact Partners and Spero Ventures have led a $4.5 million seed funding round for Singularity Energy, an energy reporting SaaS platform. Existing investors Third Sphere and J Ventures also participated.
According to Singularity of Somerville (Massachusetts), grid carbon intensity may be tracked in real time. Customers may schedule their energy consumption to reduce their carbon footprints using machine learning to forecast peaks and troughs in carbon intensity.
The company’s first objective was to assist utility customers save money by reducing consumption or storing energy in batteries. It wasn’t inexpensive enough to pay all of the expenditures three or four years ago, right?” founder and CEO Wenbo Shi stated. In order to assist the client make the economics work for battery storage, we spend a lot of effort modelling and developing novel optimization techniques.”
One of our first customers, Harvard University, had a query for us along the line. “Harvard has a strong focus on environmental issues. One of the topics that came up was carbon dioxide. According to the man who spoke, “Can you genuinely think of carbon as an indicator?” According to our research, optimising just for cost has the unintended consequence of increasing emissions, not decreasing them, in the case of battery storage.
A new road was opened for Singularity as a result of that meeting, one that brought the business into touch with a new group of clients: utilities.
A senior executive of Eversource Energy tells the New York Times that “there aren’t any algorithms that effectively measure location-based carbon impact.” 4.4 million consumers in New England are served by his company’s ambitious goal of zero carbon emissions by 2030. When it comes to running a business, you can’t control what you can’t measure.
As Divatia put it, “the current technique incorporates extremely gross estimations of the whole area’s emission factors based on whatever is created and consumed across the territory.” A better location-based computation is now possible because of the singularity. As a result, if a given area of the region has more solar, nuclear, or wind power, its carbon footprint should be better.
According to Shi, working with utilities provided Singularity with fresh grid insights and commercial opportunities. To become “the carbon intelligence supplier,” he added, Singularity’s objective is to become a carbon engine, linking supply and demand. If you want the finest carbon intelligence, you must deal with the supply side. There’s no way around it.
With Marc Tarpenning joining Singularity’s board, Spero venture partner said: “Unlocking accurate and accessible data has been a vital accelerator for many kinds of innovation historically. Carbon data and actionable insight provided by Singularity are of the highest quality and we are forward to see how their solutions are used by a wide range of consumers.”
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