Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

UK green supply chain startup Circulor raises $25mln for US expansion

Economy Jun 28, 2022 03:21AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Circulor, a British start-up specialised in blockchain being used at the Gatumba mine, is pictured on a smartphone in Ngororero district, Western Rwanda October 17, 2018. REUTERS/Clement Uwiringiyimana
 
TTM
-2.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TSLA
-4.59%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BHP
-4.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Nick Carey

LONDON (Reuters) - UK startup Circulor, which uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production, said on Tuesday it had raised $25 million to fund expansion, primarily in the United States.

The Series B funding round brings Circulor's fundraising over the last two years to $45 million. The funding round was led by early Tesla (NASDAQ:TSLA) investor Westly Group and included investments from the venture capital arms of Volvo Cars, Jaguar Land Rover (JLR) and BHP Group (NYSE:BHP), the world's largest listed miner.

Westly Group founder Steve Westly told Reuters that Circulor is "very much like Tesla," a pioneer in electric vehicles (EVs)that is the world's largest carmaker by market capitalisation.

"The market is going that direction in an extraordinarily rapid way... and Circulor is by far the leader in this sector," he said.

Circulor is working with carmakers including Volvo, Tata Motors (NYSE:TTM) unit JLR, plus miners and energy companies BHP and TotalEnergies, to trace their supply chains as they pursue environmental, social and corporate governance (ESG) goals.

BHP has used Circulor's blockchain platform to track the carbon emissions of nickel from the point when it was mined to Tesla's "gigafactory" in Shanghai.

Circulor CEO Douglas Johnson-Poensgen said demand for supply chain visibility has grown in response to regulatory pressure from the U.S. Securities and Exchange Commission (SEC).

Global supply chain disruptions have given manufacturers further reason to seek scrutiny over every stage of a component's journey.

"U.S. industry is increasingly interested in not just origin, but also demonstrating ESG performance because the SEC has made clear that the greenwashing and war of glossy brochures isn't good enough," Johnson-Poensgen told Reuters.

The U.S. government has also pushed for domestic EV battery production, which Johnson-Poensgen said will intensify the need for better supply chain mapping.

"Clearly the global arms race for battery materials is going to spread to the U.S. pretty quick," he said. "The one thing I think most folks can agree on is whatever the reason for supply chain visibility, it is now mission critical."

Johnson-Poensgen added that Circulor plans an initial public offering "in due course".

UK green supply chain startup Circulor raises $25mln for US expansion
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email