TechDogs-"Ndustrial Announces $18.5M Series B First Close Led By ABB And GS Energy"

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Ndustrial Announces $18.5M Series B First Close Led By ABB And GS Energy

By PR Newswire

PR Newswire
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AI-powered energy intensity platform for industry unites hard-to-access energy and production data to slash operating costs and speed decarbonization; joins ABB and GS Energy partner programs

RALEIGH, N.C., May 14, 2024 /PRNewswire/ -- Ndustrial, the AI-powered energy intensity platform for industry, today announced the initial close of $18.5 million in a Series B funding round co-led by ABB and GS Energy, joining existing partners such as Clean Energy Ventures and ENGIE New Ventures. The capital will be used to power growth and accelerate innovation to help industrial companies optimize the crucial metric of energy intensity — the amount of energy, emissions and cost required for one unit of production. Ndustrial will also partner with ABB and GS Energy to offer its energy intensity solutions to industrial customers, further advancing its mission to unite hard-to-access energy and production data in real time to deliver transformative economic and decarbonization value.

"Championing sustainability and guiding customers to achieve net zero carbon is at the core of what we do," said Stuart Thompson, President, ABB Electrification Service. "Under this agreement, ABB is adding Ndustrial to our ecosystem of innovative, nimble partners to co-develop advancements in digital solutions to complement our portfolio and enhance the availability, resilience, safety and sustainability of energy for customers. Together, we can help customers make AI-powered decisions in real time to optimize production, save energy, and reduce costs and emissions."

"With a track record of delivering measurable results in reducing energy costs without sacrificing throughput, Ndustrial has demonstrated the potential to scale energy optimization at industrial facilities," said Jungho Cho, Executive Vice President, GS Holdings and Head of Global Investments, GS Energy. "Ndustrial's experience in integrating multiple data sources to navigate through complex equations in energy intensity of large production processes, as well as its customer-centric business model, gives it a unique edge in scaling turnkey solutions in energy management. We look forward to the partnership with Ndustrial and its stakeholders."

"Ndustrial has helped us deliver impressive cost and energy savings across our global operations for a number of years," said Adam Forste, co-founder and co-executive chairman of Lineage, which operates the world's largest network of cold chain facilities. "The team has been a partner in building out one of Lineage's largest data platforms and pipelines, which is integral to our ability to launch our proprietary optimizations and significantly impact our bottom line."

Industrial facilities are complex and lack standardization, drawing on a range of aging systems and solutions unique to each operation. Companies have long relied on an army of consultants to develop and manage custom systems to analyze energy and carbon data and reduce costs, a time-consuming, costly process.

Ndustrial's AI-powered platform brings together hard-to-access production and energy data from nearly any industrial system to give customers a real-time understanding of energy intensity. The company's streamlined, user-friendly dashboard enables real-time insights for specific facilities and production lines, helping global industrial sites make better decisions and directly avoid over $100M in energy spend in the past decade.

Ndustrial integrates more than 60 data sources to enable active load management behind the meter, optimize production, and enable next-generation carbon intensity measurement and verification. The company is the only one to provide activity-driven Scope 3 carbon emissions data rather than algorithmic approximations. Customers include W.L. Gore (makers of GORE-TEX), Novonesis, and US Cold Storage; Lineage realized a 30% reduction in both energy costs and energy intensity by partnering with Ndustrial, equivalent to powering 250,000 homes annually.

"In a high inflation world, it's staggering to consider that half of industrial energy is wasted. That's putting industrial businesses under rising pressure to reduce both production and energy costs, all while developing and maintaining new systems to meet growing demands for carbon emissions data," said Jason Massey Founder & CEO at Ndustrial. "Ndustrial's production-aware technology empowers industrial leaders to finally wrap their arms around their data in real-time, understand the relationships between production cycles and energy use, report Scope 3 emissions and take action immediately. ABB and GS Energy are ideal partners to scale our business to help more industrial companies reduce costs and decarbonize faster."

Ndustrial has the largest deployment of an energy management and digitization solution in food logistics, helping 400+ facilities across more than 10% of the global cold chain do everything from electrifying fleets to optimizing distribution center energy use. The company partners with customers across manufacturing, oil and gas, and recycling, enabling industrial operators to digitize energy intensity at 90% lower cost while accelerating system deployment by 5x.

About Ndustrial

Ndustrial is driving down energy intensity in industrial facilities, helping companies avoid over $100 million in energy spend. By uniting production data with energy usage, Ndustrial's AI-powered solution helps clients find massive energy-saving opportunities. The company's energy intensity platform integrates over 60 different systems into a single view to enable smarter energy decisions in real time, reducing costs while enabling greater decarbonization. Customers include Lineage, US Cold Storage, W.L. Gore (makers of GORE-TEX), and more. Learn more at ndustrial.io.

About ABB

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource efficient future. The company's solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB's ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com.

About GS Energy

GS Energy Corporation is the energy holding company of GS Group, a conglomerate based in South Korea with operations across the energy, power, retail and construction sectors. GS Energy's portfolio spans across power generation & district heating, EV charging, power solutions, battery recycling, natural gas imports & LNG terminal, exploration & production, and refining & petrochemicals. The Global Investments Group at GS Energy is the overseas investment arm of GS Energy. Learn more at gsenergy.co.kr and gsegig.com.

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SOURCE Ndustrial

First published on Tue, May 14, 2024

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