SAN FRANCISCO--(BUSINESS WIRE)--CFEX, Inc., provider of a cloud-based decarbonization platform to help enterprises track, plan, and reduce Scope 2 GHG emissions, announced today that it has closed its seed funding led by Accurant International, a global investment platform leading the Net Zero charge. The investment will accelerate the roll-out of the company’s products to help enterprises worldwide to achieve Net Zero.
“Energy generation is responsible for 25% of the GHG emissions, most of which are attributable to enterprises’ energy consumption and hence their Scope 2 emissions; CFEX addresses one of the most urgent and critical problems for enterprises as they strive to decarbonize their businesses – a lack of scalable operational support infrastructure for Scope 2 decarbonization,” said Bahman Hoveida, President of Accurant International. “CFEX’s team has the unique vision and proven capabilities to address the problems, and we’re confident this company is poised for rapid growth.”
Through its Carbon-Free Energy Cloud, CFEX delivers turnkey applications that enable its clients to:
- Calculate Scope 2 emissions on a 24x7 hourly basis with accuracy and auditability
- Develop mitigation strategies and simulate their carbon and cost impacts
- Operationalize Scope 2 mitigation programs including management of energy data, Energy Attribute Certificates (EACs), PPA contracts, and billing and settlement processes
- Evaluate the performance and effectiveness of Scope 2 mitigation programs.
CFEX’s team has a proven track record of delivering market-leading products to the energy industry, having previously developed large-scale meter data management, billing, and settlement technologies for leading utilities.
“As they accelerate the pace of decarbonization and respond to the regulatory ESG reporting requirements worldwide, enterprises need a scalable, utility class operation support system to track and reduce Scope 2 emissions,” said Jian Zhang, Co-Founder and CEO of CFEX, Inc. “The investment from Accurant will speed up the pace of our product roll-out to the market. We are looking forward to partnering with Accurant to help enterprises worldwide achieve Net Zero.” As part of the investment, Bahman Hoveida of Accurant International, a veteran energy industry entrepreneur and experienced executive, has joined the CFEX board.
About CFEX, Inc.
CFEX partners with enterprises and Carbon-Free Energy suppliers worldwide to decarbonize their businesses. The company’s Carbon Free Energy Cloud application suite helps these organizations track Scope 2 emissions, plan mitigation strategies and operationalize mitigation programs. CFEX is the trademark of CFEX, Inc., www.CFEX.cloud.
About Accurant International
Accurant International is a technology consulting and capital investment firm, with emphasis on investing in early and mid-stage companies in energy, power, and climate- tech, including renewable energy and grid operations. Accurant can help its client companies to meet their mission goals by advising them in various areas including business development and sales, business operations, product planning, grid modernization, renewables management, EV management, and other Net Zero energy and efficiency technologies. For more information, visit www.accurantllc.com.