Peter Reinhardt has spent the last 10 years as CEO. segment Supporting the construction of customer data platform, Sell to Twilio For $ 3.2 billion on the way. Today, Reinhardt announced that he will be leaving Twilio to become a full-time CEO. Charm industrial, A carbon reduction startup he co-founded in 2018.
Reinhardt called it bittersweet and expressed mixed feelings about leaving, but believes that tackling the global climate crisis now requires his attention. According to the company, Steve Davito, market leader in the Twilio segment, will take over.
Reinhardt said Charm’s business began to accelerate last year after co-founder Chief Scientist Sean Meehan achieved some important breakthroughs.
“My co-founder Sean found that he solved many economic logistics problems with the ability to convert biomass to liquids and how to make them accessible,” Reinhardt told me. ..
“And the second was Sean’s other breakthrough: he was able to pump the liquid biomass underground and effectively return the oil to its original location. And the idea of basically pumping a liquid plant underground to bring oil back underground [was key]”Reinhardt explained.
I’ve seen biodiesel fuels made from vegetable oils and cooking greases in action Special equipment vehicle For many years. Former TechCrunch reporter Jon Shieber, venture partner and editor-in-chief of Footprint Coalition, which invests in climate change startups, says this is taking the opposite approach. Quarantine it forever, “he said.
The company reports that it used this method in 2021 to remove more than 5,400 tons of carbon dioxide from the atmosphere and made a good start in the first year of operation. We believe it will be the most successful and largest carbon reduction project in history, but even with such success, startups recognize that it’s just the beginning.
“Still … 5,000 tonnes is a drop in a bucket. We are in the fight against time to remove billions of tonnes of carbon dioxide annually (according to the IPCC model). To reach our climate goals, everything is We need multiple carbon removal methods that scale at incredible rates, “Reinhardt wrote. the Company blog During October.
Siever says Charm Industrial is actually part of a group of startups trying to attack this issue. “all [of these companies are] A very promising part of the new chain of carbon recovery, sequestration and utilization. The solution does more than just replace fossil fuels. We have to get rid of the turmoil that we created in the air, “Siever told me.
The company makes money by having customers pay in the form of carbon offsets and canceling carbon usage. The entire supply chain.. Stripe was the first customer of the startup.
“Stripe led here in a carbon dioxide removal RFP. And they became our first customer. They bought hundreds of tons of permanent removal, and they also. I bought it from many other very interesting new technologies that do permanent carbon removal, “Reinhardt told me.
Other companies that have taken this approach at Charm Industrial include Shopify, Zendesk, Block (formerly Square), and Microsoft.
Pitchbook report Charm has raised more than $ 25 million so far, which is the number he disputed and only confirms that the company has raised A rounds.
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