MUNICH, Germany - January 16, 2024 - Atmen, a Munich-based regulatory technology company, today announced a successful €1.3 million pre-seed funding round. The round was led by Revent, with a co-investment from Vireo Ventures and participation from UnternehmerTUM and angel investors. Atmen, formerly known as Point Twelve, uses IoT and SaaS to enable transparent, dynamic and automated carbon intensity certification for energy-intensive industries. The company is starting with hydrogen and e-fuels.
Atmen's technology is able to meet the increasing demand for accurate, scalable certification processes, which is particularly critical for energy-intensive industries that contribute significantly to CO2 emissions. The investment will accelerate Atmen's goal of replacing outdated, manual and unpredictable certification processes with a streamlined, automated approach.
"We are delighted to lead Atmen's funding round," said Henrik Grosse Hokamp, Partner at Revent. "The decarbonization of industry is one of the most pressing challenges of our decade. As long as carbon intensity is not continuously tracked and certified, manufacturers will not be able to demonstrate their target achievement and decarbonization of products cannot be promoted."
Automated certification for a greener industry
With its focus on hydrogen and e-fuels, Atmen is addressing an important segment of the energy transition. Evolving EU regulations, including the Renewable Energy Directive, which mandates a 42% share of renewable hydrogen by 2030, as well as financial mechanisms such as the EU Emissions Trading Scheme and the Carbon Border Adjustment Mechanism, are pushing the industry towards greener alternatives. These regulations, as well as potential penalties for not using enough synthetic fuels in sectors such as maritime and aviation by 2030, represent a compelling economic factor for the industry to adapt.
Atmen is aware of the challenges associated with adapting to market demands and regulatory compliance. To overcome these issues, the company offers technology that enables manufacturers to integrate sustainability certification at the initial design stage of their products and supply chains. In addition, the company is working with industry partners to promote the Digital Product Passport as the standard for hydrogen and e-fuels and to enable regulatory compliance technologies.
Atmen's key partners include leading renewable hydrogen producer Lhyfe and TÜV Nord.
The Digital Product Passport digitally captures, processes and shares product sustainability information between supply chain partners, authorities and consumers. This initiative is designed to help hydrogen and e-fuel producers comply with changing regulations and competing global certification standards.
Supporting the transition to a low-carbon economy
"We are at a turning point in the way the industry verifies its sustainability efforts," said Flore de Durfort, co-founder and CEO of Atmen. "Hydrogen and e-fuels are a core part of industrial decarbonization, but also the first energy-intensive products where the pressure and complexity to prove and certify decarbonization is so acute."
"Tracking and certifying carbon intensity is one of the biggest pain points in scaling the green hydrogen economy, and we believe Atmen's solution has the potential to become the industry-leading standard in this area. Once this is achieved, it offers tremendous potential to become a new, category-defining player in the certification of all low-carbon products," added Sven Heiligtag, Partner at Vireo Ventures.
With this funding, Atmen is well positioned to bring its state-of-the-art certification platform to market and support the transition to a low-carbon economy.
About Atmen:
Atmen is a regulatory technology company based in Munich, Germany, developing innovations in the field of carbon intensity certification automation. Founded in Munich in January 2023 by Flore de Durfort, Quentin Cangelosi and Erika Degoute, the company has expertise at the intersection of energy markets, regulation and technology. With a focus on energy-intensive industries, Atmen's platform is designed to enable large-scale, verifiable decarbonization processes. For more information, please visit www.atmen.co.
About Revent:
Revent is an impact VC fund that invests in startups across Europe that are using technology to drive systemic change in the areas of climate, health and economic empowerment. With a hands-on approach, Revent empowers companies to connect purpose and profitability. Contact: Henrik Grosse Hokamp, henrik@revent.vc, www.revent.vc
About Vireo Ventures:
Vireo Ventures is a venture capital firm that invests in early-stage European start-ups. The Vireo Electrification Fund invests in technology companies that want to shape and benefit from the energy transition through decarbonized electrification - from renewable energy generation, smart grids and infrastructure to applications in areas such as e-mobility, real estate and industry. The founders of Vireo Ventures combine decades of experience with extensive networks in the energy industry and use their expertise to support portfolio companies. Contact: Matthias Engel, matthias@vireo.vc, www.vireo.vc
(c) Text/ Image: Atmen
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