Cleartrace raises $20 million financing led by ClearSky with strategic funding from Brookfield Renewable

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Today, Cleartrace, a market-leading provider of software for managing carbon and energy, announced the closing of a $20 million fundraising round, which was sponsored by ClearSky and included strategic investments from Brookfield Renewable, EDF Energy North America, Tenaska, and Exelon. In addition to being chosen to provide auditable and assurance-ready proof of decarbonization for all of Iron Mountain’s U.S. data centres, Brookfield Properties’ premier skyscraper One Manhattan West, and JPMorgan Chase’s offices, Cleartrace also recently announced significant growth. These announcements were followed by this raise.

“Despite the rise in decarbonization goals as part of Environmental Social and Governance (ESG) commitments, energy data today is largely siloed, not validated and non-standardized. Renewable energy buyers and suppliers need to understand the carbon intensity of the electricity they consume or produce – on an hourly basis–in order to advance their decarbonization strategies,”

said Lincoln Payton, CEO of Cleartrace.

Cleartrace highlights previously unknown data for renewable energy customers and providers. For businesses with ESG and/or sustainability goals, such as real estate owners, investors, data centres, and renewable energy providers, its platform gives 100% traceable and actionable hourly energy and carbon records. As a result, its clients may become proactive market leaders and take important efforts toward 24/7 decarbonization through load-matched renewable energy purchases or sales. Additionally, with this level of data, businesses can demonstrate when they have met their decarbonization objectives and report on their compliance with regional environmental regulations.

“Leveraging Cleartrace’s hourly energy and carbon data positions our business ahead of the market to offer maximum decarbonization for our clients. Demand by companies for 24/7 clean energy has never been higher, and this technology helps make that possible,”

said Stephen Gallagher, Chief Commercial Officer of Brookfield Renewable’s U.S. business.

“There are significant macro effects that are forcing more transparent and granular carbon reporting. Consumers are forcing it. Compliance is forcing it. And that’s not to mention the marketing and capital markets value that having hourly data can bring to an organization. Cleartrace has the team, the technology and the partnerships to capitalize on the market opportunity,”

explained James Huff, Managing Director at ClearSky.

Cleartrace maintains its leadership in the field of energy and carbon management by offering sustainability leaders auditable data. The funding follows a string of productive alliances for the business:

JPMorgan Chase declared that it will collaborate with Cleartrace and NextEra to control its carbon footprint and usage of energy;

Iron Mountain established a partnership with Cleartrace across all US data centres to collect the data required to meet their 24/7 load-matched renewable energy targets; and

Brookfield Properties has established a partnership with Cleartrace to offer 100% load matched carbon free energy to power its commercial real estate development One Manhattan West in order to fulfil LL97 criteria.

The funding includes board participation for ClearSky, Brookfield Renewable, EDF Energy North America, and Tenaska.


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