Cleantech startup Found Energy has successfully secured a $12 million Seed Round led by Glenfield Partners, with participation from KOMPAS VC. This funding round reflects growing interest and support for Found Energy’s innovative technology aimed at extracting carbon-free energy from various aluminum feedstocks.
Found Energy’s groundbreaking technology offers a sustainable solution for generating energy while minimizing environmental impact. By extracting energy from aluminum feedstocks and producing aluminum hydroxide as a byproduct, the company presents an alternative to traditional energy sources derived from fossil fuels. The process involves utilizing a proprietary catalyst and treatment method to crack the protective oxide layer that naturally forms on aluminum during oxidation.
Investors from across Europe, the US, and Asia have shown strong interest in Found Energy’s vision, contributing to the Seed Round. Notable participants include KOMPAS VC, Munich Re Ventures, Good Growth Capital, the Autodesk Foundation, J-Impact, GiTV, and the Massachusetts Clean Energy Center (MassCEC), alongside Glenfield Partners LTD.
With this fresh injection of capital, Found Energy plans to accelerate its efforts in delivering pilot systems to early adopters within the year. Additionally, the company aims to further enhance its product development initiatives. The ultimate goal is to leverage this technology to drive decarbonization efforts in industries with high carbon emissions, such as manufacturing and shipping.
Talia Rafaeli, Partner at KOMPAS VC, emphasized the critical role of industrial decarbonization in mitigating climate change. She expressed excitement about Found Energy’s innovative approach, leveraging aluminum’s unique properties to enable low-carbon products and processes across various industries. Rafaeli highlighted her confidence in Found Energy’s leadership team, led by Peter Godart and Gadi Ruschin, in spearheading this important endeavor.
