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Hexagon AB, a global leader in sensor, software and autonomous solutions, has announced the launch of a new business venture focused on reinventing how industry addresses complex environmental challenges: R-evolution.
R-evolution is founded to accelerate the transition to a sustainable economy, running profit-driven investments in green-tech projects where Hexagon's technology can be applied. The move to form R-evolution comes on the heels of Hexagon's recent announcements to further develop its sustainability agenda, including climate goals to significantly reduce its own carbon footprint. Targets to positively impact the environment now include supporting the world's sustainability journey through R-evolution. The first set of investments, centered around renewable energy, will involve the construction and operation of a portfolio of cutting-edge solar farms, targeted at producing energy with 50,000 tonnes less CO2 equivalents per annum than the grid's residual mix.
"Hexagon is in the business of leveraging technology and data in ways that improve productivity and quality while making processes more efficient. The result is fewer inputs and less waste. The concept behind R-evolution is no different. Green-tech projects can benefit from many of the same sensor, software, and autonomous solutions our customers use today," says Hexagon President and CEO Ola Rollén. "We founded R-evolution because saving the planet is the biggest business opportunity of the 21st century. The systemic problems caused by climate change demand a sense of urgency - 2050 is the year of too late. We must think and act wisely now if we're to change our trajectory. R-evolution is an opportunity for industry to motivate rapid change, profitably, while giving back to the planet it's been depleting since the industrial revolution."
Solar farms are just the beginning. R-evolution will leverage the returns generated from Hexagon's equity investments to fund further carbon reduction projects. The strategy is to expand focus to areas of sustainable agriculture, saving our oceans, protecting our forests, and more. In the future, R-evolution's ambitions also include inviting others to join the revolution - from companies to pension funds to individuals - providing all the opportunity to make a huge difference and profit in return.
"Global commerce doesn't have to be the enemy to a sustainable future. Instead, it can be the solution. Managing for the long-term, in line with ESG goals, is key to any organisation's resiliency in the face of uncertainty. And companies like Hexagon, with solutions that can help the world achieve its environmental goals, enabling anyone to become a steward of the natural world, must step up to lead," continued Rollén.
"Bringing together Hexagon's industry-leading technology and cutting-edge innovation with profit-driven projects that contribute to saving the planet is both a huge and important task. I'm pleased to announce my decision to appoint Erik Josefsson as R-evolution's CEO to motivate action through profitable change. Josefsson will be responsible for putting data to work using Hexagon's portfolio of sensors, software and autonomous solutions to save the planet while providing shareholder returns that reflect businesses' contributions to a sustainable future."
Previously, Josefsson was Head of Advanced Industries at Ericsson, where he led the delivery of global Industrial IoT and 5G solutions for the manufacturing and process industries. He has a passion for global tech, has worked and studied in Sweden, Malaysia, China, and the USA, and has experience driving many smart initiatives like 5G factories, Connected Cars and Smart Sustainable Cities.
R-evolution will operate as a wholly-owned subsidiary of Hexagon, reporting directly to Hexagon's President and CEO, Ola Rollén. As R-evolution grows, the plan is to spin it off from Hexagon as more shareholders join the force for good.