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ATLANTA, May 11, 2023 /PRNewswire/ -- Cloverly, a technology powered climate action platform, today announced that it has raised a $19 million Series A funding round. The investment was led by Grotech Ventures, a leading global technology investor, and joined by other leading firms including Aquiline Technology Growth, Impact Engine, Mission One Capital, New Climate Ventures, and CreativeCo Capital, and supported by existing investors including Tech Square Ventures, SoftBank Opportunity Fund, Circadian Ventures, Knoll Ventures, SaaS Ventures, and Panoramic Ventures. This financing will fund the further development of Cloverly's industry-leading digital infrastructure for the voluntary carbon markets, including the new supplier platform, helping buyers, suppliers, and nearly any other company to easily scale their impact. The Series A will also support tripling Cloverly's team and launching a second headquarters in London in order to accommodate global customer demand. Carbon Removal Marketplace Innovation Within a Critical IndustryAccording to the Intergovernmental Panel on Climate Change (IPCC), "The deployment of carbon dioxide removal (CDR) to counterbalance hard-to-abate residual emissions is unavoidable if net zero CO2 or GHG emissions are to be achieved." The voluntary carbon market (VCM) represents a critical mechanism for driving immediate climate action by addressing unavoidable emissions today in parallel to the large-scale emissions reductions required to avert climate change in the future. In order to reach global emissions targets, the National Academy of Sciences states that an additional 10 billion tonnes of carbon dioxide must be removed annually by 2050. This pressing need is fueling incredible growth for these markets, expected to reach between $50 billion dollars by 2030 according to McKinsey and the Taskforce on Scaling Voluntary Carbon Markets. However, despite the growth and urgency, the VCM lacks many of the fundamental elements required to drive meaningful impact at scale. Cloverly has been addressing these problems surrounding access, ease, trust, and transparency since its inception as the first API in the world for carbon credits and the company has grown to become the leading digital infrastructure powering the VCM, partnering with global leaders such as American Express, Salesforce, Visa, more. Businesses can quickly scale their climate action by directly purchasing quality carbon removals or by embedding the Cloverly technology into their own products, services, or supply chains. Project suppliers can also scale by leveraging the Cloverly Marketplace™ as well as Cloverly's supplier software that enables them to manage critical commercial operations such as inventory management, multi-channel distribution, and the tracking of credit sales. The new supplier platform offers credits from innovative suppliers such as Tradewater, Therm, KOKO Networks, CarbonCure. "Cloverly has been such a strong champion as we look to scale our distribution of carbon credits," added Rahul Misra, CarbonCure's Head of Carbon Product and Operations. "The value they provide both by showcasing our solution and via their genuine partnership is important as we navigate the very dynamic voluntary carbon market and engage with a diverse range of credit buyers." The Market DemandConsumer spending data supports not only the environmental imperative to scale climate change but also the public demand to incorporate sustainable choices into our lives. A 2022 NielsenIQ report shows 30% of consumers are more likely to purchase sustainable products and a 2022 report from the Wharton School of Business highlights that two thirds of consumers are willing to pay more for sustainable products. Incorporating climate action into user experiences and product roadmaps is one of the greatest opportunities businesses can leverage to meet this proven market demand. "We cannot wait - we need to act now," shared Jason Rubottom, CEO of Cloverly. "The importance of the voluntary carbon market demonstrates an unprecedented demand for solutions that allow both businesses and consumers to actively contribute to critical climate action. Cloverly is uniquely positioned to facilitate that engagement and this funding round represents that." "Through our due diligence, we spoke to many of Cloverly's customers. We were struck by the passion they had for Cloverly's product and team," recalled Lawson Devries, general partner at Grotech Ventures. "It became clear that Cloverly has not only established itself as a global leader in a large market but that they were bringing real value to their stakeholders and positively impacting the larger fight against climate change. We are excited to be a part of that." "It has been remarkable to watch Cloverly evolve since its seed round," reflected Vasant Kamath of Tech Square Ventures, the original lead investor in the company. "Seeing both the product and team rapidly grow into a world-class player in just a few short years is a testament to their continued innovation to meet this critical market need." About CloverlyCloverly launched as the first API for carbon credits and now is the most advanced digital infrastructure powering the voluntary carbon markets. With a mission to scale high-impact climate action, Cloverly is now trusted by 200+ enterprises worldwide spanning financial services, technology, ESG / carbon accounting, supply chain, eCommerce, and more, with dozens of the leading project developers and suppliers leveraging the Cloverly platform to manage their carbon credit operations. For more information, visit http://launch.cloverly.com/home . About Grotech Ventures Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the technology landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1.0 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit http://www.grotech.com. Media Contact: press@cloverly.com
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SINGAPORE, March 31, 2023 /PRNewswire/ -- Vestas has signed a preferred supplier agreement for a 495 MW floating offshore wind project in South Korea. If the project materialises, Vestas will supply and install 33 units of the V236-15.0 MW turbine for the project. For media inquiries, please contact:Megumi SakumaMarketing & Communications Manager, Vestas Asia Pacificmgskm@vestas.com Tel: +81 90 6723 5325 About VestasVestas is the energy industry's global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 164 GW of wind turbines in 87 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 144 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas' more than 28,000 employees are bringing the world sustainable energy solutions to power a bright future. For updated Vestas photographs and videos, please visit our media images page on:https://www.vestas.com/en/media/images. We invite you to learn more about Vestas by visiting our website at www.vestas.com following us on our social media channels: www.twitter.com/vestas www.linkedin.com/company/vestas www.facebook.com/vestas www.instagram.com/vestas www.youtube.com/vestas
LG Continues to Lead Future Vehicular Software Development by Acquiring Both Functional Safety and Cybersecurity Certifications SEOUL, South Korea, March 30, 2023 /PRNewswire/ -- LG Electronics (LG) is the first player to meet international testing standards for functional safety and cybersecurity management for vehicles. LG annually updates required certifications for its hardware and software solutions for electric vehicle components through leading global testing organization, TÜV Rheinland. LG Electronics (LG) is the first player to meet international testing standards for functional safety and cybersecurity management for vehicles. A respected player in the rapidly growing EV components industry, LG has consistently complied with international regulations and participated in key certification programs. To lead the field of vehicle safety, LG is committed to securing the technical capabilities both at the employee and the organizational level. LG Electronics (LG) is the first player to meet international testing standards for functional safety and cybersecurity management for vehicles. Recently, LG research engineer Kim Min-kyu obtained the Automotive Functional Safety Expert qualification, becoming the second individual ever to do so since the qualification program was established in 2011. Also, LG acquired functional safety certification for its ADAS front camera in the '4M' (Material, Method, Machine, Man) categories in 2022. The company's vehicle components also comply with the Cyber Security Management System (CSMS) – the United Nations Economic Commission for Europe's (UNECE) regulation No. 155 (UN R155). "With the rising importance of vehicle security and safety regulations in the global auto industry, acquiring certification for our auto components and technologies is key to maintaining competitiveness," said Eun Seok-hyun, President of LG Vehicle component Solutions (VS) Company. "LG will continue to comply with the latest standards and grow its capabilities in safety and security to provide our customers with even more reliable solutions." "We congratulate LG on producing Asia's first Functional Safety Expert, an achievement that reflects the company's outstanding, across-the-board performance in acquiring top industry certifications and qualifications," said Frank Juettner, CEO and director of TÜV Rheinland Korea. "Obtaining the latest certifications, including ISO/SAE 21434, demonstrates LG's commitment to providing its customers and partners with the highest level of product, system safety and security." LG has built stellar track records maintaining its innovation at the highest level of quality and reliability. Already in 2018, LG secured technical certification for Functional Safety Management (FSM) in infotainment development, and in 2021, its Advanced Driver Assistance System (ADAS) front camera passed assessments for functional safety (product and processes) based on ISO 26262 – an international functional safety standard for the development of electrical and electronic systems for vehicles. LG also plans to lead future trends in autonomous driving, where functional safety will be centered on the fast-growing area of Safety of The Intended Functionality (SOTIF). SOTIF is becoming increasingly important as the entire auto industry seeks to incorporate and expand the use of various advanced technologies in their vehicles, including artificial intelligence (AI), high-definition maps, sensor data interfaces and cybersecurity applications. About LG Electronics Vehicle Component Solutions Company The LG Vehicle component Solutions Company is bringing human-centric innovations to the auto industry. Having secured its position as a trusted and innovative partner, the company continues to provide intelligent and environmentally responsible solutions including in-vehicle infotainment, connectivity, and automotive vision systems. As an 'Innovation Partner for Future Mobility', LG is committed to diversifying its portfolio to further strengthened its capabilities with acquisitions including automotive lighting systems provider, ZKW Group, and vehicle cybersecurity company Cybellum, as well as the joint venture, LG Magna e-Powertrain. For more news on LG, visit www.LG.com/global/mobility.
OSLO, Norway, March 29, 2023 /PRNewswire/ -- Vattenfall has appointed Havfram Wind as preferred supplier for the installation of wind turbines for Vattenfall's Norfolk projects in the United Kingdom. The agreement covers transport and installation works over a period of 3 years, utilizing one of Havfram Wind`s newbuild NG20000X Jack-Up Wind Turbine Installation Vessels (WTIV) with a 3,200-ton crane. The works will start in the spring of 2027. Even Larsen, CEO of Havfram Wind, underlined the important position of Vattenfall in the market and their ambitious offshore wind targets for Europe: "Our collaboration with Vattenfall is of great importance for us as an ambitious and fast-growing offshore wind construction company. Vattenfall is one of the largest players in the industry and already provides millions of European households with clean renewable energy. The Norfolk Boreas and Norfolk Vanguard projects are of particular interest, because of their multi-GW size and their important contribution to the UK renewable energy market, the largest in Europe." Martin Degen, Commercial Director and Vice President of Havfram Wind spoke of the relationship between Vattenfall and Havfram Wind as follows: "We are extremely proud to be trusted by Vattenfall for such prestigious projects. Vattenfall is a very experienced developer and has carried a thorough selection process with a high focus on quality and details. This clearly indicates that we, at Havfram Wind, have the right team onboard and have made the right choice for vessel capacity and time to market." About Havfram Wind Havfram Wind is an offshore wind construction company focused on transport and installation services for both bottom-fixed and floating projects in the offshore wind sector. Havfram Wind is a subsidiary of Havfram. About Havfram Havfram is a pure play offshore wind company, providing a wide range of services across the offshore wind value chain. Leveraging our deep offshore wind industry knowledge, together with decades of know-how from the Norwegian energy & marine sectors and essential experience in operating in harsh offshore environments, Havfram offers the highest standards and services to customers worldwide. Havfram operates through two wholly owned subsidiaries: Havfram Wind, which provides offshore wind installation expertise to the global market as an owner and operator of Wind Turbine Installation Vessels (WTIVs); and Kontiki Winds, which focuses on early-stage development of offshore wind farms and electrification of fossil fuel intensive operations using floating offshore wind. Havfram is majority owned by Sandbrook Capital, a leading climate fund led by an experienced team determined to combine consistent financial returns and real climate impact. Together we aim to lead the path towards clean energy. About Vattenfall Vattenfall is a European energy company with approximately 19,000 employees. For more than 100 years Vattenfall has been electrifying industries, supplying energy to people's homes and modernizing the way of living through innovation and cooperation. Vattenfall wants to make fossil-free living possible within one generation. CONTACT: HAVFRAM Corinna Thiel Marketing & Communication Manager ■ corinna.thiel@havfram.com ■ Havfram.com
SINGAPORE, March 27, 2023 /PRNewswire/ -- A Memorandum of Understanding on renewable energy cooperation has been signed by Luhut Binsar Pandjaitan, Indonesia's Coordinating Minister for Maritime Affairs and Investment, and Teo Chee Hean, Singapore's Senior Minister and Coordinating Minister for National Security, at the countries' recent leadership retreat. The agreement will enhance Indonesia's ability to develop renewable energy and will promote cross-border electricity trade for mutual benefit. As a local supplier, LONGi, represented by Dennis Guo, general manager for South East Asia, attended the signing ceremony. The MOU will promote the development of renewable energy manufacturing and capacity in Indonesia, including solar PV and battery storage systems, which will not only meet domestic electricity demand but also allow excess power to be stored for subsequent use or export, providing investment leverage for power export projects to Singapore. The agreement will additionally see the two countries collaborate on commercial arrangements and the development of transmission infrastructure for cross-border power trading, which could enable Singapore to achieve its target of importing up to 4GW of low-carbon electricity by 2035. A further MOU signed by LONGi and the "INSPIRA" (Indonesian Solar Panel Industry and Renewable Alliance) consortium is a private-sector initiative to support both countries' government-to-government MoUs which, while paving the way for the 'green corridor' and cross-border clean electricity supply from Indonesia, will also allow developers to share localization, technology transfer and collaboration with Indonesian stakeholders. As the first PV company operating in Indonesia to obtain SNI certification in 2021, LONGi has maintained a long standing commitment to both the country and its mission of using solar energy to build a greener world. LONGi's unwavering commitment is to promote low-carbon development and enable everyone to benefit from clean and green energy. The company will continue to collaborate with its partners to supply high-efficiency and high-reliability PV products and solutions for the global energy transition. About LONGi Founded in 2000, LONGi is committed to being the world's leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation. Under its mission of 'making the best of solar energy to build a green world', LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com/en
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