Chestnut Carbon Raises $160M to Expand Nature-Based Carbon Removal Efforts
Chestnut Carbon secures $160 million in Series B funding to accelerate its mission of planting native trees on marginal farmland and harvesting carbon credits.
Jordan Vega
Zimi, a South African electric vehicle (EV) charging solutions startup, has secured $320,000 (R6 million) in grant funding from the Energy and Environment Partnership (EEP Africa Trust Fund) to test its vehicle-to-grid (V2G) technology in South Africa. This innovative technology allows electric cars to send power back to homes, businesses, or the electricity grid when needed, potentially revolutionizing the way energy is distributed and consumed.
The funding announcement comes at a critical time for South Africa, where frequent load shedding and grid instability disrupt daily life and economic activity. Zimi's V2G technology could turn parked electric vehicles into backup power sources, supporting homes, businesses, and the national grid. According to Michael Maas, Zimi CEO, the grant aims to investigate and understand the limitations and challenges of V2G technology, develop real-world pilot applications, and ultimately create a commercial model that operates within existing grid constraints.
Zimi's business model is centered around partnering with major logistics companies to support their transition to EVs, which can help cut operational costs and carbon emissions. By integrating V2G technology into this strategy, Zimi plans to offer fleet operators charging solutions and turn idle EVs into energy that can feed power back into their facilities or the grid. This approach could have a significant impact on the environment, as logistics fleets are among the largest contributors to greenhouse gas emissions.
The startup is betting on early adopters like logistics fleets to lead the way in the adoption of EVs and V2G technology. Maas emphasized the importance of a proven track record, citing Zimi's work with major logistics providers such as Bakers Logistics. As EVs and chargers become more affordable, Zimi sees this as the starting point for a broader shift towards sustainable energy solutions.
The funding announcement follows the launch of Volvo EX90 in South Africa, one of the country's first electric vehicles equipped with bi-directional charging, a feature that enables V2G functionality. This development underscores the growing momentum behind EVs and V2G technology in South Africa, where innovative startups like Zimi are playing a crucial role in driving the transition to a cleaner, more sustainable energy future.
With this grant funding, Zimi is poised to make significant strides in the development and commercialization of its V2G technology. As the company works to overcome the limitations and challenges of V2G, it could pave the way for widespread adoption of this innovative technology, transforming the way energy is generated, distributed, and consumed in South Africa and beyond.
Chestnut Carbon secures $160 million in Series B funding to accelerate its mission of planting native trees on marginal farmland and harvesting carbon credits.
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