H&M Group invests in Rondo Energy to further strengthen its climate strategy
H&M Group is partnering with Rondo Energy, a provider of zero-carbon industrial heat and power, to explore the potential for heat storage technologies in its supply chain.
The fashion retailer is also making an investment in Rondo and joining Rondo’s Strategic Investor Advisory Board.
The partnership will enable H&M Group and Rondo to explore opportunities for factories in the group’s global supply chain to replace fossil fuels with clean heat and power delivered by Rondo Heat Batteries.
Meanwhile, Rondo will use H&M Group Ventures’ investment to expand its international operations and to develop and build storage projects serving this need.
H&M Group has already been investing steadily in decarbonising its supply chain through several initiatives to support suppliers in reducing their use of energy and making greater use of renewable electricity.
Laura Coppen, sustainability investments at H&M Group Ventures, said: “Rondo is H&M Group Venture’s first investment in decarbonisation technology.
“The company’s thermal battery energy storage has the potential to help factories electrify, which is key to achieving our climate targets. We look forward to working closely with Rondo and the broader ecosystem in scaling decarb tech.”
John O’Donnell, founder & chief innovation officer of Rondo Energy, added: “Producing and finishing fabrics requires large amounts of low-cost energy, which makes our brick batteries a perfect fit,
“Region by region around the world, wind and solar power are becoming cheaper than fossil fuels. At Rondo, we’ve created a simple, practical tool to harness those new energy sources.”
