XCHG will capture data generated from Solidia’s cement and concrete manufacturing processes. The data will be audited and verified by a third-party standards organisation and then translated into Digital Feedstock, a standardised digital format that combines data science, cryptography, and distributed-ledger technologies to securely track and transfer source data.
The XCHG platform is expected to enable participants to bundle and transact environmental data in conformance with established data and quantification protocols.
Solidia CEO Tom Schuler says: “There is plenty of talk about carbon-footprint reduction, but we can prove it. Our technologies allow precise measurements of carbon-emissions reductions in the production of Solidia Cement, and carbon consumed in the curing of Solidia Concrete. Translating that data into Digital Feedstock will wholly disrupt the way the cement industry meets consumer demand for accountability and sustainability, while introducing a new, quantifiable, transactable source of value to the global concrete industry.”
XCHG says Digital Feedstock creates a new value for low-impact commodities which benefit manufacturers of advanced technologies and products, as well as their customers, shareholders, lenders, and insurers. The new asset class is designed to provide organisations across the value chain with verifiable metrics that connect back to the raw materials that feed global supply chains, the company adds.
Both companies are part of BP Ventures’ portfolio of investments, as part of BP’s focus on large-scale decarbonisation.
David Hayes, BP Ventures chief investment officer, says: “Bringing together two of our portfolio companies is a great example of how BP Ventures is fostering innovative new energy businesses that will support—and accelerate—the transition to a low-carbon economy.”
“This will be a game-changer for environmental, social, and governance (ESG) metrics in the cement industry,” Schuler continues. “By packaging the impact data in a transactable format, we’re providing a clear path for market participants to claim the sustainable benefits of our products in a way that makes sound financial sense in today’s resource-constrained world.”