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The Startup Bringing Renewable Power To Europe's Biggest Companies

January 23, 2024
x min read

Europe’s largest companies consume a lot of electricity. But, could they be getting all their power from renewable energy sources? There’s a startup who believes that's the future.

What’s happening:

  • Copenhagen based energy technology startup Reel has raised €5M in a new seed round
  • The round was led by Transition with participation from UVC Partners, The Footprint Firm and others

The big idea:

  • Reel is aiming to change how large companies do their power purchase agreements by accelerating their transition to renewable energy sources such as wind and solar
  • Reel is able to quickly analyze the power consumption of any company through their data platform and determine exactly how much electricity they need
  • Once Reel has identified the collective power consumption required, they are able to contract a developer to build out small solar or wind farms in order to directly supply the company with carbon free electricity
  • Reel then guarantees fixed pricing for that electricity over multiple years in order to provide a transparent and reliable solution to integrating renewable energy

Why it matters:

  • Electricity is the largest source of carbon emissions that exists and finding sustainable ways to adopt renewable energy sources could unlock enormous benefit for the climate
  • Many large companies are looking to find ways to reduce their carbon emissions but have not found a way to secure reliable renewable energy

By the numbers:

  • Approximately only 1% of large companies have a supply of low carbon electricity
  • Carbon emissions are expected to increase by 2x within the decade without new climate technology and innovation

Going deeper:

  • Alphabet (NASDAQ: GOOG) was an early investor in Seattle based renewable energy company LevelTen who has built a technology platform that enables large companies to adopt renewable energy sources by quickly comparing various power purchase agreements from solar energy and wind farms
  • Microsoft (NASDAQ: MSFT) has entered into multiple power purchase agreements with renewable energy companies, including their notable partnership with leading Seoul based solar company QCells

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