ClearTrace, a software company that provides automated energy and carbon accounting for investors, enterprises, and real estate owners, announced this week that it has raised $4 million in Series A financing, led by Clean Energy Ventures. Brookfield Renewable Partners and Clean Energy Venture Group also participated in the round.
The company provides a carbon accounting platform that it says brings transparency to corporate carbon reduction efforts by enabling auditable, around-the-clock monitoring of energy generation and consumption through verifiable digital records of energy usage. The platform can track third party energy supply, financial power purchase agreements, demand response activities, and multi-stakeholder management of behind-the-meter energy assets.
“Companies of all sizes are seeking to reduce their carbon impact due to new regulations and increasingly intense advocacy from employees, customers and investors. Yet, a key challenge for these companies is the ability to truly verify, validate and account for their overall environmental and carbon footprint,” said Daniel Goldman, Managing Director and Co-founder at Clean Energy Ventures. “A high degree of accountability and reporting is essential as companies work to decarbonize to help solve the climate crisis.”
ClearTrace has a growing customer base and is targeting multinational corporations, financial service companies, real estate holding companies and competitive energy suppliers who can use this technology to verify and prove the attributes of the energy they both generate and consume.
“ClearTrace is looking to fundamentally change how energy and environmental information is managed and to do away with the disparate, siloed and archaic incumbent processes that dominate the market. Our goal is to accelerate the decarbonization of human activity and increase the adoption of sustainable and renewable energy through a technology platform that is fully automated, immutable and verifiable,” said Lincoln Payton, CEO at ClearTrace. “We have built the energy data system for the future. No other platform today has created the full scope of energy and technology solutions that we provide, allowing leading global organizations like JPMorgan Chase and Brookfield Renewable to digitally track energy data from generation to consumption in a way that can be easily understood and audited by regulators, investors and other stakeholders.”
ClearTrace will use the funding to accelerate growth and deploy additional market-driven solutions to a broad base of enterprises and asset managers who require high-speed, digital data to meet their sustainability targets.
ClearTrace, formerly known as swytchX, recently undertook a rebrand to represent this new phase of growth and accelerate market adoption. Previous investors include the company’s founders and the Fund for Sustainability and Energy (Fund4SE), a Singapore-based sustainability investment fund.