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  • Writer's pictureParallel Carbon

Parallel Carbon Year-in-Review: Celebrating 2023

The year 2023 was a dynamic year for the climate change industry worldwide. We witnessed renewed commitment towards collaborative sustainability efforts by Governments and businesses. There were also significant technological advancements in carbon capture and removal technologies, and mounting pressure on policy makers towards strict environmental regulations. Parallel carbon summarises our major highlights in 2023 as we look forward to leveraging this stride into the year 2024.


Hello Tomorrow


We were selected as one of the 70 companies that will change the world - a worthy feather in our cap full of achievements. As global challenge finalists, we pitched on the Hello Tomorrow Global Summit in Paris highlighting the global sustainability benefits of our technology. 


The Global Challenge is a renowned international startup competition organised by Hello Tomorrow, and uniquely designed to address the needs of early-stage deep tech startups across all industries. The Challenge provides a platform for projects: providing opportunities for equity-free funding, global visibility, and connections with key players in the deep tech ecosystem.



TechX


We were participants in the Cohort 5 of TechX Clean Energy Accelerator Programme organised by Net Zero Technology Centre. Our founders received bespoke insights on technological and climate change advancements vital for the success of our enterprise. 


The programme helps high-potential companies scale up through mentorship, expert technology development guidance, commercial support, and access to an extensive industry network. This presents unique opportunities for participating start-ups to refine their business models and investor propositions, find potential field trials, raise additional funding and more.



PuzzleX


In a keynote address delivered by our founder and CTO, Aranza Carmona Orbezo, at the prestigious PuzzleX event in Barcelona, our company proudly showcased its commitment to pioneering exponential technologies with a focus on environmental sustainability. Aranza's presentation, titled 'Redeeming Mother Nature: The Carbon Capture Era', provided in-depth insights into the critical need for, and promising future of Direct Air Capture to achieve our global Net Zero goals. The keynote underscored our technology’s role as a pivotal platform for emissions reduction and carbon removal, in parallel.


Aranza’s presentation was adjudged the best presentation at PuzzleX. Whoop! Whoop!



Milkywire CDR Purchase


One milestone worthy of mention is the sale of our carbon credits until the year 2025. The sale, worth $240,000 worth of credits, was financed by Milkywire in partnership with Klarna. This feat was made possible following our selection for The Climate Transformation Fund after reviewing submissions from over 250 organisations after an open call for applications.


This is a testament to our ambition and drive to capitalise on the potential of our approach and business model towards fighting pollution that causes climate change.


Greentech Europe


Our Co-founder and CTO, Aranza Carmona Orbezo, participated in Greentech Europe, and secured on behalf of the company, a peer selection grant of $15,000, along with expert training, advice, mentorship, and network support from potential regional strategic partners, investors, and fellow founders. We are proud to have been considered among the 15-startup shortlist after a rigorous selection process comprising 85 startups from 17 countries.


Greentech Europe is organised by Village Capital, with support from Visa Foundation. 


Team Growth


The year 2023 saw us transition to a US-based company. This strategic move aligns our future growth and deployment with incentives provided by the US Inflation Reduction Act. Our R&D arm in Manchester, UK expanded with the addition of 3 new hires across engineering and operations. 


Parallel Carbon recognises that fighting climate change is more than a business venture and it will take a collaborative effort, and a diversity of skills and perspectives to achieve our long term goals. Here, our Manchester team gathered to celebrate the winding down of business operations for the year. The team symbolises our receptiveness to new approaches and methods - mirroring the global cooperation needed to achieve our climate change reduction goals.



Going into 2024, we are committed to continuous improvement towards scaling our team, technology, and delivering carbon dioxide removal (CDR) credits to our customers. We are excited for what the future holds and eager to continue our journey with our incredible team, clients, and partners. Your contributions have been instrumental in our success, and we are grateful for your continued trust and collaboration.


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