Launches Joint Venture for Energy Industry Decarbonization Platform With BP Energy Partners
Context Labs, an Enterprise Data Fabric technology company in Cambridge, Massachusetts, and Amsterdam, announced today the closing of USD $28 million in funding with strategic investors BP Energy Partners (BPEP), Equinor Ventures, KPMG LLP (US), Shamrock Ventures, Neglected Climate Opportunities LLC, and i(x) investments.
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Concurrently, Context Labs announced a joint venture (Context Labs Energy) with BPEP to provide a comprehensive trusted-data solution for the energy sector for decarbonization measurement, monitoring, and mitigation. The company’s DaaS™ (Decarbonization as a Service™) platform, based on the Context Labs Immutably™ technology stack, aims to leverage its leading machine learning/AI-driven capabilities with the deep industry relationships developed by BPEP over decades.
“We’re excited about the validation and support of these globally significant firms in our mission to provide transparency and trust in the data that underlies the march toward global decarbonization,” stated Context Labs founder and CEO Dan Harple. “Our Immutably™ data fabric platform enables trusted data, digitally provenanced and cryptographically attested, as a bedrock for Climate Tech. This trusted ‘supply chain of data’ will reduce greenwashing, transform ESG into a data-driven quantitative tool, and accelerate the deployment of trillions in capital targeted at addressing climate change.”
This announcement of strategic investors and joint venture partners comes together at an opportune time following COP26 and the increased demand from energy sector stakeholders to apply “asset-grade” guidance to their disclosure and transition to net zero. Context Labs’ data fabric tech stack, leveraging a contextualized distributed ledger, is central to supporting this acceleration. Rendering the provenance and veracity of the data as irrefutably trusted will better inform decisions directed at the net-zero transition.
“Energy sector participants want to make practical and rewarding investments that demonstrate a clear commitment to carbon reduction. Those investments must promote transparency and trust with stakeholders to be successful through the energy transition,” says Nathan Brawn, Managing Director of BP Energy Partners. “We are excited to be partnered with the world-class team at Context Labs to deliver a robust solution that meets these growing demands for environmental performance, compliance, and reporting.”
“Equinor Ventures is pleased to invest in Context Labs as they develop digital tools to support decarbonization and certification in energy markets. High-quality, verifiable information about energy systems is essential to driving the energy transition,” says Timothy Krysiek, Managing Director of Equinor Ventures Americas.
“All organizations are on a unique decarbonization journey and, by working with Context Labs technology solutions, KPMG IMPACT will best help leaders move from strategy to implementation and transformation to meet their ESG goals,” said Rob Fisher, KPMG US IMPACT Leader. “Context Labs’ blockchain technology will enhance the sophistication and rigor of ESG reporting, helping organizations actively measure and tell their ESG story to all stakeholders to gain an ESG advantage.”
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“The Context Labs mission began with our founder’s research at MIT on innovation ecosystems, advancing a framework for change called Pentalytics™. Context Labs has applied this framework in its Immutably™ enterprise data fabric technology to show the global interconnection of climate data. This, in effect, is building a ‘climate graph’ of the planet that interconnects companies and their locations with their climate and environmental impacts. This creation of new context-based knowledge can now be rapidly commercialized with our world-class partners to accelerate global decarbonization,” stated Bruce Hathaway, Partner, Shamrock Ventures.
Ramsay Ravenel, manager of Neglected Climate Opportunities, added, “In a world of increasingly bold claims about climate progress, it will be important to identify and track real progress, not PR. Context Labs will help customers, partners, and investors to do precisely that.”
The Right Honourable Nick Hurd, Chairman of i(x) investments, commented, “We are pleased to be an investor in Context Labs. It is at the forefront of environmentally responsible business investment with its rigorous industry-standard benchmarks for carbon reduction activity — something the world direly needs.
“i(x) investments believes in Context Labs’ ability to drive through verifiable change in energy transition and sustainability in the built environment. We look forward to seeing Context Labs continue its impact thanks to this new round of investment from all its strategic partners. We are eager to explore opportunities for i(x) investments and Context Labs to collaborate on scalable businesses.”
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