Peter Reinhardt spent the last decade as CEO of Segment, where he assisted in the development of the customer data platform before selling it to Twilio for $3.2 billion. Reinhardt stated today that he will be leaving Twilio to become the full-time CEO of Charm Industrial, a carbon mitigation company he co-founded in 2018.
Reinhardt has mixed feelings about leaving, describing it as “bittersweet,” but feels that working on the global climate problem is something that requires his immediate focus. Twilio Segment’s go-to-market head, Steve Davito, will take his place, according to the firm.
After his co-founder, chief scientist Shaun Meehan made a couple of major discoveries, Reinhardt says the Charm’s business started to accelerate last year, and he thought it was time to dedicate his whole attention to the company.
“My co-founder Shaun recognized that we could transform biomass into a liquid, which addressed a whole lot of economic logistical difficulties surrounding making biomass available,” Reinhardt said.
“Then there was Shaun’s second discovery, which was that we could pump that liquid biomass underground and virtually return oil back where it came from.” “And the concept of sending liquid plants back below, literally to put oil back underground, was crucial,” Reinhardt said.
For years, we’ve seen biodiesel fuel made from vegetable oil or cooking fat used to power specially fitted automobiles. This is adopting the other approach, a group that invests in climate entrepreneurs. He said, “It’s biodiesel manufacturing, but instead of burning the fuel, they sequester it forever.”
According to the corporation, it’s off to a good start, having removed over 5400 tonnes of carbon dioxide from the environment in 2021, its first full year of operation. It claims this makes it the most successful and biggest carbon mitigation initiative in history, but the business knows that this is just the beginning.
“However… 5,000 tonnes is a speck in the grand scheme of things. We’re in a race against the clock to get rid of billions of tonnes of CO2 each year (according to IPCC models.) To accomplish our climate targets, we’ll need many ways of carbon removal, all growing at breakneck speed,” Reinhardt wrote on the corporate blog in October.
Charm Industrial, according to Shieber, is one of a group of entrepreneurs attempting to solve the issue. “All [of these businesses] are highly promising components of a growing carbon capture, sequestration, and utilisation chain.” Solutions must go beyond just replacing fossil fuels. Shieber told me, “We have to clean up the mess we’ve caused in the air.”
Customers pay in the form of carbon offsets to balance out their carbon consumption throughout the supply chain, which produces money for the firm. Stripe was the company’s first client.
“With a carbon dioxide removal RFP, Stripe truly set the bar high.” As a result, they became our very first client. They’ve invested on a few hundred tonnes of long-term removal. “They’ve also gone out and bought a lot of other very exciting new technologies that accomplish permanent carbon removal as well,” Reinhardt said.
Shopify, Zendesk, Block (previously Square), and Microsoft are among the organisations that have embraced Charm Industrial’s methodology.
Reports from the Pitchbook Charm has raised more than $25 million to far, a figure he disputes, stating merely that the business has secured an A round.
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