R-evolution: Hexagon launches new venture focused on a sustainable future

The technology group recently made a commitment to achieve carbon neutrality in its Scope 1 and 2 emissions by 2030 and across the entire value chain by 2050

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Hexagon, a global technology group that develops sensor, software and autonomous solutions, has announced the launch of a new business venture focused on a sustainable future.

Called R-evolution, it will focus on reinventing how industry addressed complex environmental challenges and help accelerate the transition towards a sustainable economy.

It is part of the company’s sustainability agenda, which consists of climate goals to significantly reduce its carbon footprint, including achieving carbon neutrality in its Scope 1 and 2 emissions by 2030 and across the entire value chain in Scope 1, 2 and 3 emissions by 2050.

Hexagon has also made a commitment to conduct sustainability supplier audits across 100% of its direct suppliers in risk areas by 2023 and ensure at least 30% of its leadership positions are filled by women by 2025.

The first set of investments in R-evolution will be centred around renewable energy and will involve the construction and operation of a portfolio of solar farms, expected to help reduce carbon emissions by 50,000 tonnes per year.

Ola Rollén, President and CEO of Hexagon said: “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. Greentech projects can benefit from many of the same sensor, software and autonomous solutions our customers use today.

“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.”

R-evolution will leverage the returns generated from Hexagon’s equity investments to fund further carbon reduction projects, with a strategy to expand focus to areas of sustainable agriculture, oceans and forests protection and more.

In the future, the new business venture also intends to invite others to join – including companies, pension funds and individuals – providing them an opportunity to make a huge difference and profit in return.