Rainmaking Completes First Phase of Start-Up Program to Decarbonize Shipping
Rainmaking, the international corporate innovation and venture development firm, has completed the first cycle of its program to nurture start-ups working toward the decarbonization of shipping.
A second six-month cycle is set to commence this August.
As it progresses through the end of 2022, the program will identify more than 3,000 high-impact tech start-ups around the world, fostering and catalyzing a final shortlist of over 100 scalable pilot schemes and ventures. Each will seek a solution to the issue of carbon emissions in the shipping industry, with the ultimate goal of achieving industry-wide CO2-neutral status.
Scouting candidates for the first cycle, Rainmaking initially identified 1,200 promising start-ups, with a cumulative funding of US$14 billion, based across 70 countries. Of these, 145 candidate companies were given full due diligence screening, and a final group of 51 was selected for kick-off workshop participation (similar to a demo day). Each start-up pitched a proposed decarbonization solution, and those deemed most likely to succeed were subsequently allocated partnerships with collaborating companies. These include industry leaders such as Cargill Inc., DNV GL, Hafnia (member of BW Group), MC Shipping Ltd. (a subsidiary of Mitsubishi Corp.), Royal Dutch Shell, Vale S.A., and Wilh. Wilhelmsen Holding ASA. Corporate partners do not take equity in the start-ups with which they collaborate. Instead, they provide the start-ups with access to resources, real-world knowledge and mentorship from experienced innovators and corporate leaders.
Rainmaking has also been appointed by Enterprise Singapore’s investment arm, SEEDS Capital, as one of six co-investment partners for SG$50 million (GB£28.65 million, US$35.86 million) of funding for maritime start-ups. The initiative, supported by the Maritime and Port Authority of Singapore, focuses on start-ups working to improve maritime operational efficiency and safety.
According to data from the International Maritime Organization, maritime transport emits 940 million tonnes of CO2 annually and is responsible for approximately 2.5 percent of global greenhouse gas emissions. In order to curb climate change, the United Nations Sustainable Development Goals outline a 45 percent reduction in carbon emissions within the next decade and net zero emissions by 2050. Effective action during the period leading to 2030 is essential, in order to reach this target and stem the damage caused by climate change.
For more information, visit: https://rainmaking.io.