Ackam is accelerating its commercial expansion with the fresh funding.
Ackam, a provider of steam energy management solutions, completed a Series B round of funding worth nearly CNY 100 million today, led by Eastern Bell Capital, followed by Changzhou Oriental Industry Guide Venture Capital.
The fund will be mainly used for technology iteration and product promotion.
Founded in 2007, Ackam is dedicated to optimizing the efficiency of steam energy use. The company helps customers reduce carbon emissions and improve operational efficiency by providing hardware equipment, digital management platforms and nano thermal insulation materials.
Steam energy is one of the main sources of energy in industry. A number of industries such as electricity, petrochemicals and photovoltaic are key sectors that consume industrial steam. Research data from the United Nations Energy Agency shows that more than 50% of the fossil energy consumed by humans is used to obtain industrial steam.
Chen Zhenxiang, founder of Ackam, said that the current utilization of steam systems in China is inefficient. An increase in steam energy utilization can directly reduce the amount of coal burned, promote the upgrade of China's energy industry and facilitate the implementation of China's “dual carbon goals,” where the country vows to cap its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.