Emissions Management Firm Enesource Secures Financing From Sequoia China
Enesource, a Chinese provider of carbon emissions management services, announced on Wednesday that it has raised 50 million yuan ($7.9 million) in a B round of financing with investment from Sequoia Capital China. Force Capital acted as the company’s sole financial adviser in the deal.
The company, which is headquartered in Shanghai, was established in March 2017. Based on the application of AIOT technology, the company empowers customers to leverage a series of carbon tube services including the process of “seeking, observing, measuring and controlling carbon.” Its founding team members come from Accenture, State Grid Corporation of China and other leading consulting institutions and energy groups included in Fortune Global 500.
The growth process of Enesource is closely related to the Chinese government’s official strategy of “new infrastructure” and “carbon neutrality.” The firm’s founder Huang Wei said that since its establishment, it has launched various SaaS (Software as a Service)-related products for energy efficiency, helping its enterprise users visualize, calculate and control their data.
Enesource has acquired contacts with many major energy institutions, government bodies and private enterprises after entering the market. Its team has realized that only by inventing the products for different practical scenarios can the company really provide valuable services. Therefore, the products matrix of the company is divided into three segmented product directions according to the needs of different customers, namely, the government, power grid and energy groups, and other enterprises.
At present, the firm employs roughly 50 people, and has entered a period of rapid business growth. The team has served many local governments and more than 10,000 users of industrial and commercial enterprises. In addition, its business has nearly doubled in 2021, while in 2022 the team plans to deploy products for more than 6,600 industrial and commercial users in the Yangtze River delta region.
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Regarding the company’s future development plan, Huang said that for local governments, credible and timely enterprise carbon emission data and energy consumption data should be integrated with the main operational indicators of the local region, such as economy, governance and people’s livelihood. Only in this way can the balance of multiple objectives be achieved. For enterprises, accurate, credible and real-time carbon emission data analysis can help them realize the goal of decarbonization, carbon finance and to report their data more efficiently.
