Equinor Ventures invests in Powertrust
Equinor Ventures is pleased to announce a convertible note investment in Powertrust — a Vancouver, Canada-based startup that is unlocking a new model for clean energy procurement for corporate climate leaders who have net zero ambitions. By aggregating small scale renewable energy projects, the company is enabling a faster and fairer energy transition.
Powertrust was founded in May 2020, and was a member of the 2022 cohort of the Equinor / Techstars Energy Accelerator, and recently Equinor Ventures participated in the startup’s $1.2million pre-seed round. Powertrust is catalyzing the development of distributed renewable energy in emerging markets through a new international market instrument aligned with established international standards, called the Distributed Renewable Energy Certificate (D-REC) – enabling even the smallest solar devices to participate in global environmental markets. Powertrust’s technology platform provides a scalable, automated way to certify and aggregate digitized D-RECs, providing buyers with clear provenance into their renewable energy certificate purchases, and ultimately address corporate Scope 2 & 3 emissions. In a recent deal with Powertrust, Salesforce announced that it will purchase 280,000 megawatt hours (MWh) of renewable energy certificates from small, distributed energy projects over the next eight years to accelerate clean electricity access in emerging markets.