CPE News (7.17.2023) – Othersphere Systems has raised $3 million in seed funding led by Active Impact Investments with additional contributions from Thin Line Capital, KDX, and Keiki Capital.
Victoria, BC bases Othersphere is a pioneering startup specializing in location optimization for zero / low greenhouse gas commodity infrastructure.
Othersphere’s core technology indexes the globe based on commodity, human, and environmental system variables, and was made possible by catalytic funding from Breakthrough Energy’s Fellows program—a research and development fellowship focused on accelerating the commercialization of potential breakthrough climate technologies. Further support has been provided by Google for Startups and the Industrial Research Assistance Program (IRAP) from the National Research Council of Canada.
photo credit: Othersphere Systems
News Release
OTHERSPHERE SECURES $3 MILLION TO LAUNCH INNOVATIVE LOCATION OPTIMIZATION PLATFORM FOR SUSTAINABLE COMMODITY INFRASTRUCTURE
VICTORIA, BC, July 17, 2023 /CNW/ – Othersphere, the pioneering startup specializing in location optimization for zero / low greenhouse gas commodity infrastructure, today announced the successful close of C$3 million in seed funding. The round was led by Active Impact Investments, with additional contributions from Thin Line Capital, KDX, and Keiki Capital.
Othersphere has developed a patent-pending platform to identify ideal locations for commodity production assets based on economics, emissions, and fit with local surroundings. Othersphere initially serves project developers, offtakers, and financiers, beginning with hydrogen and expanding to other physical commodities over time.
Othersphere’s core technology indexes the globe based on commodity, human, and environmental system variables, and was made possible by catalytic funding from Breakthrough Energy’s Fellows program—a research and development fellowship focused on accelerating the commercialization of potential breakthrough climate technologies. Further support has been provided by Google for Startups and the Industrial Research Assistance Program (IRAP) from the National Research Council of Canada.
“We believe that Othersphere will play a meaningful role in scaling the low-emission commodities that will drive the clean energy transition by addressing the massive project deployment bottleneck,” said Mike Winterfield, Managing Partner at Active Impact Investments, Canada’s largest climate tech seed fund. “Their platform lowers costs for customers while improving yields and reducing greenhouse gas emissions, all of which accelerates the development and adoption of low emissions commodities.”
“Companies have to weigh a huge number of factors when deciding where to locate climate technology projects, from clean hydrogen production to direct air capture,” said Ashley Grosh, VP of Breakthrough Energy Fellows. “Othersphere will make it easy for climate tech companies to evaluate where they can have the biggest impact, demystifying a complicated process with the potential to accelerate decarbonization.”
Currently in closed beta development, Othersphere’s initial SaaS product offers multiple benefits:
Team efficiency – Making origination and diligence more effective by streamlining data gathering and project analysis.
Better projects – Revealing ideal project locations optimized for strongest fundamentals and lowest risks.
Stakeholder alignment – Creating a shared view of project opportunities and risk between those approving, building, funding, and operating projects.
Transparent methodology – Clearly communicating the platform’s source data, methodologies, and modeling to support confident, data-driven decision making.
Accelerated decarbonization – Helping tackle our collective climate challenge by supporting rapid scaling of climate-compatible commodities.
“Thanks to our investors, Othersphere is poised to accelerate scaling of zero / low GHG commodities, starting with hydrogen,” said Othersphere CEO, Robert Murphy. “Our products are designed to reduce project risk and improve stakeholder alignment, to help unlock the trillions of dollars needed to deliver sustainable, equitable global prosperity. This funding allows us to grow the incredible team that will bring our first product to market. We are excited to hear from potential users and stakeholders as we move toward launch, and in particular hydrogen consumers interested in participating in our offtaker survey program.”
About Othersphere:
Othersphere is a technology startup accelerating deployment of climate-compatible commodity infrastructure. Leveraging its proprietary global indexing technology, Othersphere reveals ideal locations for assets based on economics, emissions, and fit with local surroundings. Over time Othersphere seeks to build an operating system for global industrial decarbonization to help align stakeholders, deliver high-performing projects, and enable sustainable, equitable prosperity.
For more information, please visit www.othersphere.io
SOURCE Othersphere
For further information: press@othersphere.io, Phone: +1 (236) 428-4400