FORT COLLINS, Colo.--(BUSINESS WIRE)--Feb. 20, 2024--
AtmosZero, the company on a mission to decarbonize steam, announced today the close of a $21 million Series A round co-led by Engine Ventures and 2150 to accelerate the commercialization of its Boiler 2.0 technology. Constellation Technology Ventures, the strategic venture arm of Constellation Energy Corporation (Nasdaq: CEG), also joined the round along with existing backers, Energy Impact Partners, Starlight Ventures, and AENU.
Today industrial steam, which is used across the built environment and industries from food and beverage to chemical manufacturing, is generated by burning fossil fuels onsite in boiler systems that account for nearly eight percent of global primary energy use. AtmosZero’s proprietary Boiler 2.0 technology extracts heat from the air and delivers high-temperature steam with maximum efficiency and zero carbon emissions, allowing companies to replace their existing natural gas and oil boilers quickly and cost-effectively.
“AtmosZero is solving for industrial decarbonization by electrifying the boiler room and building a scalable, drop-in replacement product rather than complex and expensive customized projects,” said Addison Stark, CEO and Co-Founder of AtmosZero. “Our vision is to eliminate global emissions from fossil-fueled boilers. The investment today from leading US and European investors is a tremendous validation of our technology and approach to eliminating Scope 1 boiler emissions.”
“The path to net-zero emissions runs through the boiler room and requires the replacement of existing fossil-based systems," said Michael Kearney, General Partner at Engine Ventures. “Reducing reliance on fossil fuels isn't just an environmental imperative -- it's a geopolitical one, too. We are thrilled to support the AtmosZero team's mission to decarbonize industrial emissions with its scalable, drop-in electrified solution."
Last year, AtmosZero unveiled a strategic partnership with New Belgium Brewing Company that involves a full-scale pilot at New Belgium’s flagship facility. Additionally, the company launched its European subsidiary, AtmosZero Europe, B.V., based in Amsterdam. AtmosZero will use this investment to advance both efforts including executing the commercial pilot and expanding the company’s European reach.
"Industrial process heat in the form of steam is essential for industries spanning food and beverage through to district heating and is responsible for over 2 gigatons of carbon dioxide per year,” said Christian Hernandez Gallardo, Partner and Co-Founder of 2150. “We were hunting for a solution that could unlock the vast impact potential in this market, with an offering that was a financial no-brainer to customers. The technology Addison and his all-star team have developed does exactly that and we look forward to supporting AtmosZero as they roll out their technology to the customers that eagerly await them in Europe.”
In addition to the Series A investment, AtmosZero was recently awarded a $3.2 million grant from the U.S. Department of Energy’s Industrial Efficiency and Decarbonization Office (IEDO) aimed at helping rapidly decarbonize America’s industrial sector.
For more information, please visit www.atmoszero.energy.
About AtmosZero:
AtmosZero is reimagining the boiler room for a decarbonized future by making decarbonization a product, not a project. By streamlining the process from design to installation, its high-efficiency electrified steam generator, Boiler 2.0, offers the most cost-effective, scalable, and secure solution to decarbonize steam production across industrial manufacturing, district steam, and the built environment. AtmosZero is a spin-out from Colorado State University and proudly based in Fort Collins, CO. For more information, please visit www.atmoszero.energy.
About Engine Ventures
Engine Ventures is a Cambridge, MA-based venture capital firm that invests in the next generation of Tough Tech founders. The firm provides capital, operational expertise, and a powerful academic, commercial, and governmental network to build and scale companies unlocking massive opportunities in climate, human health, and advanced systems. For more information, visit https://engineventures.com/.
About 2150
2150 is a venture capital firm investing in the sustainable reshaping of the broad urban environment. 2150 backs entrepreneurs working at the forefront of the climate transition and helps scale the companies and technologies with long-term equitable impact across the whole ‘urban stack’, including how cities are built, designed, constructed, and powered, to the way people live, work and are cared for. For more information, visit https://www.2150.vc/. 2150 is part of Urban Partners, a platform of vision-aligned, differentiated, investment strategies shaped around urban problem solving. For more information, visit https://urban.partners/.
About Constellation Technology Ventures
Constellation Technology Ventures (CTV) is the venture investing organization within Constellation, the United States’ largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers. The mission of CTV is to drive innovation by investing in venture-stage energy technology companies that can provide new solutions to Constellation and its customers. CTV invests in companies exploring innovative energy technologies and business models, building a portfolio that represents a broad range of development stages and technology types.
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Source: AtmosZero
