Carbon Startup BeZero Receives $50 Million Investment

BeZero Carbon, supported by strategic subsidiaries of EDF and Hitachi, aims to apply a robust methodology to carbon permit trading. BeZero Carbon's carbon credit methodology, which is freely available, allows investors and end buyers of carbon credits to investigate the efficiency of a given balance in the market before closing any final deal. In addition to the core methodology, BeZero offers enriched carbon offset assessments, insights and risk tools on a pay-per-access basis. It also releases software API plug-ins to run its data through third-party carbon credit exchanges. Further scope for collaboration is envisaged through strategic agreements with Hitachi and EDF, as well as collaborations with energy market data provider ICE, with BeZero expected to create "standardized" trading products that take into account carbon offset metrics.

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BeZero Continues Its Rapid Growth

These partnerships are being formed with the aim of expanding BeZero's reach into new markets, primarily in continental Europe but also in Asia. Tommy Ricketts, CEO and co-founder of BeZero Carbon, said he believes there is a "once-in-a-generation" chance to incorporate carbon trading into economic models and potentially spur ecological and environmental regeneration. Ricketts added the following:

The London-based startup cites forecasts showing that carbon permit trading will reach $50 billion by 2030. EDF Pulse Ventures, a corporate startup capital firm affiliated with French energy group EDF, is participating in the round along with Hitachi Ventures 2, Hitachi's second corporate startup fund. Intercontinental Exchange, Molten Ventures, Norrsken VC, Illuminate Financial, Qima and Contrarian Ventures also participated in the round, which is expected to result in BeZero opening new offices in New York and Singapore.