We are excited to announce our recent investment in Southern Lights, a Swedish start-up that is digitizing the green hydrogen space. Leading their EUR 1.6 million funding round, our team is proud to support Southern Lights accelerating the development of green hydrogen projects through software.
“We are thrilled to lead Southern Lights´ funding round. Hydrogen has a great potential to electrify heavy industries, which is crucial for the green transition. Southern Lights´ solution is uniquely positioned to accelerate the adoption of hydrogen and become the digital layer across the value chain.” says Ines Bergmann-Nolting, Managing Partner at Greencode Ventures.
Southern Lights is an early stage climate startup from Stockholm. The company stands at the forefront of the green hydrogen industry, offering a pioneering Software as a Service (SaaS) solution designed to revolutionize the planning process for green hydrogen projects. At its core, Southern Lights is not just a software provider; it's a strategic co-pilot for energy companies venturing into the burgeoning field of green hydrogen. Southern Lights was founded by Felipe Gallardo and Anton Frisk in 2022 and being complemented as co-founder by Gustav Ekberg. Despite its early stage, Southern Lights already has customers in more than ten countries, including Europe, the USA, and Latin America. The company aims to become the digital layer of the entire green hydrogen value chain.
Market opportunity
Today heavy industry is responsible for nearly 40% of global CO2 emissions and is among the most difficult to decarbonize, owing to technical factors like the need for very high heat and process emissions of CO2. Electrification of heavy industry is difficult, that’s where green hydrogen becomes the viable solution. The global clean hydrogen market turnover is expected to be at €600 billion in 2030 thereof 25% will be on IT spend.
Impact
According to McKinsey research, total hydrogen demand can reach 600 to 660 million tons by 2050, abating more than 20% emissions. Southern Lights contribute to the accelerated adoption of green hydrogen. Precisely speaking, Southern Lights enables energy development companies to increase their precision and reduce their time of development for green hydrogen production projects. Their platform also democratizes the access to the required know-how to plan and conduct these projects. This increases both the number of companies that are able to properly develop these projects and the number of projects that will be deployed within a shorter timeframe.
Team
The co-founders Felipe Gallardo, Anton Frisk and Gustav Ekberg are an outstanding complementary founding team that brings vast experience to the table. Felipe is a natural transformation agent and brings deep industry knowledge in the energy and hydrogen space. Anton is a serial entrepreneur and one of the few who founded in the hydrogen space before. Gustav, equally a serial founder, has served as CTO for several companies and brings a wealth of experience in the SaaS solution businesses. All three of them are driven by the vision to shape the hydrogen market and accelerate the green transition.
Are you a founder accelerating green transition? Let's talk! You can reach out via hello@greencode.vc.
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