New Report Demonstrates Digital Twins are a Powerful Tool for Avoiding Carbon Emissions
SUNNYVALE, Calif., Jan. 25, 2023 (GLOBE NEWSWIRE) — Matterport, Inc. (Nasdaq: MTTR) today released the company’s first Environmental, Social, and Governance (ESG) report that assesses the impact of Matterport’s products and programs toward driving sustainable and equitable outcomes. The report, based on 2021 data, provides a benchmark to establish company-wide ESG goals and commitments.
The topline environmental findings confirm Matterport’s digital twins are highly effective at helping customers achieve sustainability goals. Matterport’s revolutionary technology allows for the creation of high-precision, immersive 3D digital twins of millions of buildings and other real-world locations, enabling people globally to work smarter and more sustainably by reducing the need for business travel and easing the strain on the environment. The company commissioned independent carbon accounting experts, Minimum, to calculate the emissions reduction potential of using Matterport’s digital twin platform. The findings were compelling, revealing a significant reduction in emissions through the use of Matterport’s digital twin technology:
- In 2021, Matterport’s solution helped customers prevent an estimated 374,312 tonnes of CO2e (tCO2e) from being released into the atmosphere globally through reduced business travel – equivalent to the emissions of over 80,000 passenger cars driven for one year*.
- A Matterport digital twin can reduce emissions by an average of 0.15 tCO2e over its lifetime – equivalent to not driving a car for 444 miles**.
- Utilizing digital twins for remote facilities management results in greater emissions prevention than in most other applications.
“Matterport’s first ESG report is a strong statement of our company’s values and commitment to providing inclusive and equitable access to any building or location in the world,” said RJ Pittman, Matterport’s Chairman and Chief Executive Officer. “The ability of our digital twins to help customers decrease their carbon footprint is truly inspiring. Although there is still more to be done, the information presented in this report represents a promising indication that our platform can assist businesses in achieving their sustainability objectives while also cutting costs, particularly in these challenging economic times.”
Matterport’s own carbon emissions in 2021 totaled 14,097 tCO2e, with the bulk of the company’s carbon footprint (98%) embedded in its supply chain. The company has begun to favor suppliers that collect and disclose their emissions data and recently partnered with third parties globally to manufacture the Pro3 Camera, eliminating much of the trans-Pacific transportation required from the previous supplier’s network. The company expects the work with these new partners will have the effect of reducing an estimated 5% of Matterport’s greenhouse gas emissions as compared to 2021, and significantly shorten the distances required for the company’s products to reach Asian and European customers.
Additional report highlights include:
- Property Intelligence leverages Matterport’s AI technology to turn digital twins into valuable insights, providing a scalable and efficient alternative to traditional manual property evaluations and on-site assessments that businesses currently rely on. This capability, expected to become available in 2023, should help support customers’ own ESG efforts by leveraging the millions of property data points embedded in their Matterport digital twins. Data such as room dimensions, ceiling height, window dimensions and orientation – could enable customers to measure thermal load and reduce energy consumption.
- Matterport’s learning and development program encourages employees to become the CEOs of their own careers, to be inclusive, and to help the customer win. The Matterport Leadership Academy coaches the leaders of tomorrow and includes a week-long Matterport Bootcamp for sales staff, teaching the company’s customer-centered approach to selling.
- Matterport has grown steadily and expanded globally over the past 11 years. The company is dedicated to both promoting diversity and developing existing talent, which is why Matterport launched EMERGE (Elevating Matterpeeps’ Empowerment, Retention, Growth, and Excellence). Participants learn from internal and external leaders in programs focused on mentorship, choosing the right allies, elevating executive presence, and demonstrating achievements effectively. To measure the program’s progress, Matterport has developed a diversity and inclusion dashboard to track training and promotions, ensuring a fair and equitable workplace.
To read Matterport’s full ESG report, visit: http://www.matterport.com/esg
*Source: United States Environmental Protection Agency (2021), Emission Factors for Greenhouse Gas Inventories
**Source: Greenhouse Gas Equivalencies Calculator | US EPA
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.
©2023 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners.
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “expected,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the expected benefits of Matterport’s partnerships and the impacts of Matterport’s sustainability efforts as described in this release, and Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
CONTACT: Matterport Media Contact: Steve Lombardi VP, Communications and Business Affairs press@matterport.com Matterport Investor Contact: Mike Knapp VP, Investor Relations ir@matterport.com
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