Today, Gravity Climate announced the launch of its new software platform, enabling industrial businesses and their supply chain partners to manage their carbon footprint while driving cost-effective decarbonization and long-term profitability. In addition, they announced $5M in seed funding from Eclipse Ventures and several new customer engagements with mid-sized manufacturers and industrial-focused private equity firms.
The motivating factor for building Gravity was the opportunity to apply new technology to industrial supply chains, which are responsible for over 40% of all greenhouse gas emissions. Although many software companies tackle climate management broadly, Gravity is catering to industries – like construction, metals, and energy services – that have significant physical operations and infrastructure. For these industries, reducing their own emissions also reduces their customers’ supply chain emissions, creating a positive flywheel effect.
“Industrial products are instrumental to nearly everything we interact with – from the plastics in our shoes to the metals in our computers, cars, and more. They're essential to our daily lives. That ubiquity paired with the carbon intensity of their operations means industrial businesses play a critical role in tackling climate change,” said Saleh ElHattab, Founder and CEO of Gravity. “We built a solution that makes carbon management attractive to industrial businesses. They can make meaningful emissions reductions while protecting their bottom line.”
Gravity is already working with customers to manage their carbon footprint. Sachin Shivaram, CEO of Wisconsin Aluminum Foundry, uses Gravity to measure WAF’s annual greenhouse gas emissions and meet disclosure requests. “Gravity helped us understand our complete carbon footprint,” he said. “Sustainability was always important to us, but hard to put into action. We’re excited that we can now track what we’re responsible for emitting, meet customer requirements, and come up with a realistic plan going forward.”
Demand for this technology extends to the investment community, where many investors have made sustainability and ESG commitments. Private equity firm Blue Wolf Capital Partners is using Gravity to measure the emissions of more than 10 of its portfolio companies.
According to Adam Blumenthal, Managing Partner and Chairman, “Blue Wolf has a strong track record of creating sustainable value for our investors and portfolio companies by applying an ESG lens to each company to identify opportunities where complexity can obscure value. Gravity’s platform, which quickly ingests, calculates, and distributes key emissions data about our businesses, is a useful tool for our team. It’s a great solution to an increasingly complex problem of aggregating greenhouse gas emissions.”
Gravity works in four simple steps:
1. MAP – Gravity customers set carbon management goals based on their industry, voluntary or regulatory requirements, reporting priorities, and organizational structure.
2. MEASURE – With features like automatic bill scanning and API integrations, Gravity makes measuring Scope 1, 2 and 3 emissions as simple and automated as possible.
3. OPTIMIZE – Once a company establishes their baseline, Gravity helps companies identify emission reduction opportunities, while maximizing ROI and operational efficiency.
4. REPORT – Using interactive dashboards and data that can be exported for specific frameworks, Gravity makes it easy to share regular updates with stakeholders, such as investors, customers, and disclosure groups.
“For years, many of the heaviest greenhouse gas emitters – industrial companies – have faced pressure to disclose their emissions without a streamlined solution for ingesting, measuring, and reporting on this data,” said Aidan Madigan-Curtis, Partner at Eclipse Ventures. “Industrials are being driven to decarbonize by not only regulatory bodies, but also their supply chains; yet they still aren’t able to reliably measure their emissions or access cost-effective decarbonization opportunities. Eclipse believes the world-class team and technology Gravity has built will deliver a tech-native approach that will resolve this challenge for industrials.”
For more information and to arrange a demo visit www.GravityClimate.com.http://www.GravityClimate.com