ReMo Energy secures $5.25 million to demonstrate distributed renewable materials production
ReMo Energy, an innovator and manufacturer of industrial materials through the use of renewable energy in place of fossil fuels, has announced that it has raised an additional $5.25M Seed round led by early growth fund AiiM Partners, with participation from Breakthrough Energy Ventures, Darco Capital and other strategic angel investors.
ReMo Energy is accelerating the decarbonization of industrial materials, including ammonia, fuels, and polymers - altogether a trillion-dollar market responsible for 14 gigatons of greenhouse gasses annually. ReMo uses predictive modeling and a novel approach for the construction of plants to overcome the challenges of using distributed intermittent renewable energy sources. The company's facilities are lower CAPEX and standardized, enabling ReMo to build and scale faster while also producing and distributing its products at a lower cost. The company's initial target market is ammonia, one of the most critical inputs to global agriculture and food production, and currently supply-constrained by macroeconomic events such as the war in Ukraine. While ReMo will initially focus on green ammonia for clean fertilizer applications in the corn belt of the U.S., future markets will include shipping fuel and hydrogen storage.
ReMo Energy will use the funding proceeds to scale commercial operations throughout the US Midwest and meet demand from its growing base of customers.
Scott Rackey, CEO and Co-founder of ReMo Energy, said, "We always seek opportunities to mitigate climate change, but our approach does more than that. ReMo both enables decarbonization and makes the agricultural supply chains more resilient - all without adding cost for the farmer."
Shally Shanker, Founder and Managing Partner of AiiM Partners, will be joining the Board of Directors. "ReMo's technology and innovative approach can scale production of renewable materials in two years, versus what typically takes ten years for competitors, while also being cheaper than fossil-fuel-based products," Shally said.
"Their solution will accelerate the transition of hard-to-decarbonize sectors and help us avoid the worst of climate change."
Carmichael Roberts of Breakthrough Energy Ventures said, "ReMo is at the leading edge of developments in renewable materials. ReMo's ammonia product can play a critical role in decarbonizing the agricultural industry while also ensuring growers get the low-cost nitrogen fertilizers they need. ReMo Energy's technology benefits all stakeholders, including renewable energy developers and fertilizer purchasers."