The round included investments from KOMPAS VC, Munich Re Ventures, Good Growth Capital, the Autodesk Foundation, J-Impact, GiTV, Massachusetts Clean Energy Center (MassCEC), and Glenfield Partners.

Found Energy is addressing the climate crisis by providing an economical, safe, and ethical alternative to fossil fuels. With their novel energy carriers, they are bringing clean energy to the most difficult-to-decarbonise industries on Earth, including industrial heating (20% of global CO2 emissions), maritime shipping (3% of global CO2 emissions), and more.

The company has developed an aluminium-thermal power system that continuously generates carbon-free industrial heat, hydrogen, and alumina trihydrate (ATH) on-site from various aluminium feedstocks. Compact and modular, Found Energy’s technology unlocks a promising new tool to accelerate heavy industry’s transition away from fossil fuels.

The demonstration systems operating at Found Energy’s Boston headquarters have caught the attention of large industrial energy consumers. With the capital raised, the company plans to deliver pilot systems to early adopters within the year and further scale their technology for industrial production. In this next phase of company growth, Found Energy looks forward to bringing aluminium energy to the world stage.

“As we move towards a net-zero future, we need practical solutions to bring renewable energy where it is needed and when,” says Dr Peter Godart, CEO of Found Energy. “Aluminum metal is an ideal way to store and move renewable energy around - it’s the third most abundant element in the Earth’s crust, has double the energy density of diesel, and is safe and easy to transport. Our technology makes it both possible and cost-effective for industrial energy consumers to leverage this potential. It’s a huge vote of confidence to be backed by this veteran group of forward-thinking investors who believe in our mission.”

“Industrial decarbonisation is crucial for mitigating climate change by reducing greenhouse gas emissions from manufacturing processes. Found Energy plays a key role in this effort by leveraging the unique properties of aluminium and enabling the development of low-carbon products and processes across multiple industries. We are excited to back Peter Godart and Gadi Ruschin in this important undertaking,” says Talia Rafaeli, Partner at KOMPAS VC.

“We’re excited to back Found Energy’s ambitious vision for decarbonisation,” shares Peter Ortez, Principal at Munich Re Ventures. “The potential for their technology to not only disrupt the aluminium industry, but also energy storage and transport as a whole, is very exciting.”