Peter Reinhardt leaves Twilio to run his carbon reduction business - TechCrunch
Peter Reinhardt spent the last decade as CEO of Segment helping build the messenger data platform, selling it to Twilio for $ 3.2 billion en route. Today, Reinhardt announced his departure from Twilio to become a full - time CEO of Charm Industrial, a carbon reduction startup company he co - founded in 2022.
Reinhardt expressed mixed feelings about leaving, calling it bittersweet, but believes that working on the global climate crisis is something that needs attention now. Steve Davito, Twilio Segment's marketing director, will take over, according to the company.
Reinhardt says Charm's business began to accelerate last year after its co - founder, chief scientist Shaun Meehan, made one or two advances, and felt it was time to devote energy entirely to the enterprise.
“My co-founder Shaun realized that we could turn biomass into liquid and that solved a handful of economic logistics issues on how to make biomass accessible,” Reinhardt told me.
“And then Shaun's second second step was that we could pump that liquid biomass underground and effectively restore oil from where it came from. e. And the idea of pumping smelting plants, basically back underground, to put oil back underground [was key]", Reinhardt explained.
We have seen biodiesel fuel extracted from vegetable oil or cooking fat to run specially equipped vehicles for years. Jon Shieber, a former TechCrunch reporter, who now works as an enterprise partner and editor-in-chief at Footprint Coalition, a company that invests in climate startups, says that this using the other method. "It's biodiesel production, but instead of burning the fuel, they capture it permanently," he said.
The company reports that they have made a good start, with the removal of more than 5,400 tonnes of carbon dioxide from the atmosphere in 2022 using this method, their first full year in action. He thinks this is the most successful and largest carbon reduction project in history, but even with that kind of success, the novice recognizes that it's just the beginning.
“And yet… 5,000 tonnes is a drop in the bucket. We are in a race against time to remove the billions of tonnes of carbon dioxide every year (according to IPCC models). We will need a number of ways to remove carbon, all at a fast pace, to meet our climate goals, ”Reinhardt wrote in the company's blog in October.
Shieber says Charm Industrial is indeed part of a group of startups that are trying to tackle this problem. “All [of these companies are] very promising parts of an emerging series of carbon capture, capture and utilization. Solutions need to do more than just replace fossil fuels. We need to clean up the mess we made in the air, ”Shieber told me.
The company generates revenue by forcing customers to pay them in the form of carbon offsets to offset their carbon consumption throughout the supply chain. Stripe was the first customer of the starter.
“Stripe was really leading the way here with RFP carbon dioxide removal. And so they became our first customer. They have bought a hundred or so permanent removals. And they have also gone and purchased a number of other exciting new technologies that will also remove permanent carbon, ”Reinhardt told me.
Other companies that have bought into this approach with Charm Industrial include Shopify, Zendesk, Block (formerly Square) and Microsoft.
PitchBook reports that Charm has raised more than $ 25 million so far, several of Reinhardt's argued, just confirming that the company has built an A - round.