Southern Company successfully completes spinoff of carbon offset startup Cloverly | MCUTimes

Southern Company successfully completes spinoff of carbon offset startup Cloverly

Southern Company-incubated API company that enables CO2 equalization as needed

ATLANTA, August 12, 2021 / PRNewswire / – Southern Company has through its technology incubator closed an agreement on spinout Cloverly, the leading Application Programming Interface (API) for CO2 equalization. Cloverly announced the closure of the successful $ 2.1 million seed round in June, and Southern Company retains a minority stake in the company.

Southern Company (PRNewsFoto / Southern Company) (PRNewsfoto / Southern Company)

Southern Company (PRNewsFoto / Southern Company) (PRNewsfoto / Southern Company)

The financing round was led by Tech Square Ventures with SB Opportunity Fund (SoftBank) as well as Circadian Ventures, Knoll Ventures, Panoramic Ventures and SaaS Ventures, which participated as other major investors.

The deal is further proof of Southern Company’s status as a leader in investing in and developing innovative energy solutions. Cloverly started as an employee idea to improve customer adoption of renewable energy and CO2 neutrality products. The team of entrepreneurial staff recognized a market opportunity in addition to utility programs and designed a new approach with new technology to deliver CO2 offsets and quickly found customers in the e-commerce space.

“Our employees place customers at the center of everything we do. Whether it’s in the form of continuous improvements to provide electricity and gas services or innovate around ‘the next’ in the energy transition, we are always thinking of ways to create value or cure a better customer experience, “he said Chris Cummiskey, Chief Customer Solutions officer at Southern Company. “This is how Cloverly was born – employees who take the initiative to build a better way for customers to offset their CO2 footprint. We are incredibly proud of Cloverly’s success so far and look forward to working with the company and its new investors in this new phase. . “

This investment in Cloverly strengthens Atlanta growing innovation ecosystem and demonstrating additional momentum behind technology startups tackling decarbonization. Decarbonization remains a major focus for Southern Companies in light of the company’s stated long-term goal of net zero greenhouse gas emissions by 2050. Decarbonization across the Southern Company system generation fleet has accelerated from a 34% reduction in 2018 compared to 2007 to a 44% reduction in 2019 and 52% reduction in 2020 – Cloverly is an example of how Southern Company takes decarbonization tools to customers within our system’s footprint and beyond.

Cloverly API effectively mitigates the negative environmental impact of common, real-time, carbon-emitting activities, automatically, per Transaction. Using input from an organization’s existing data, it calculates the amount of carbon emissions and buys the appropriate amount of carbon offsets to neutralize emissions. In addition, Cloverly uniquely offers consumer-facing contact points (i.e., in e-commerce checkout) to companies that want to enable their customers to support their sustainability efforts.

Cloverly calculates and offsets emissions from e-commerce, financial transactions, commercial air travel, fleet transportation, supply chain operations, energy consumption and more. Since its launch on Earth Day in April 2019, Cloverly, in partnership with their fire partners, has offset over £ 55 million in carbon.

Cloverly also announced the appointment of Jason Rubottom as CEO. Rubottom succeeds founder and CEO Anthony Oni, who will transition to an advisory and board role with the company.

“The fight against climate change has never been more important,” Rubottom said. “Cloverly is transforming the way we approach sustainability, proving that innovation in technology can actually have an incredible, lasting impact on our planet. With the support of our investors and with our passionate team, Cloverly is well positioned to to lead the way to a CO2-low future. “

About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, secure, reliable and affordable energy through three state electric companies, four state natural gas distribution companies, a competitive generational company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optic network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have built the energy of the future and developed the full portfolio of energy resources, including carbon-free nuclear power, advanced carbon capture technologies, natural gas, renewable energy, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-emission future, Southern Company and its subsidiaries are developing the tailor-made energy solutions our customers and communities need to drive growth and prosperity. Our uncompromising values ​​ensure that we put the needs of those we serve at the center of everything we do and manage our business for the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, GI Jobs magazine, DiversityInc, Black Enterprise, Fortune’s list of the World’s Most Admired Companies, “Forbes, and the Women’s Choice Award. To learn more, visit www.s Southerncompany.com.

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SOURCE Southern Company

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