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The start-up CO2OPT GmbH, founded in 2022, is taking new paths in sustainability and CO2 emission reduction, focusing on truck tires. While this may not sound particularly spectacular at first, a closer look reveals great potential for both cost savings and emission reductions.
(Hamburg) Addressing truck tires in the context of sustainability is not something that comes to mind easily. However, this is precisely what the Hamburg-based start-up CO2OPT is doing. This is not by chance, as two of the three founders, CEO Frank Seeger and COO Benjamin Bartsch, come from the tire industry and have many years of experience in this field. CTO Siddhant Tibrewal, the third member of the team, comes from the IT sector.
“The tire accounts for only 5% of the total cost of ownership (TCO) of a truck. However, it influences over 40% of the other costs, such as fuel consumption,” explains Bartsch, outlining CO2OPT’s business model. The majority of vehicles are incorrectly fitted with tires. Neither during the initial equipment nor when replacing tires do logistics companies pay attention to this. Factors such as cost or tire longevity play the most significant role in purchasing decisions, rather than the tire’s impact on driving behavior.
The three founders of CO2OPT: (l. to r.) COO Benjamin Bartsch; CTO Siddhant Tibrewal; and CEO Frank Seeger
The Application Area of a Transport Vehicle is Crucial
The application area and purpose of a vehicle significantly influence the choice of tire for trucks. Bartsch adds: “If a truck primarily drives on flat highways, it needs different tires than a vehicle that mainly operates in mountainous regions.”
This individual adaptation to each vehicle is the concept of CO2OPT GmbH. The company has developed a dedicated AI-based platform for optimized tire management. The telematics of the vehicle owner is connected to the platform, and from this data, the optimal tire choice is determined.
This can lead to enormous savings. In terms of fuel, this can amount to up to 10%. Given the war in Ukraine and the associated price increases for diesel, this is more relevant than ever.
The tire accounts for only 5% of the truck’s procurement cost but influences over 40% of the other costs
In terms of decarbonization, meaning the reduction of CO2 emissions, this has a direct impact and can also be proven, which significantly contributes to achieving climate goals. Additionally, the right tire for the corresponding vehicle also affects the tire’s lifecycle, saving additional costs. The start-up has calculated that tires can last up to 20% longer. The support also works for retreaded tires.
Tire Suppliers and Manufacturers Also Benefit
Tire suppliers benefit by gaining access to attractive customer groups at relatively low acquisition costs. They also receive reliable data for the calculation and billing of tire management contracts.
Another added benefit arises from the fact that the application profiles can already be considered during the initial equipment of vehicles.
Business Model and Goals
The business model of CO2OPT GmbH is that transport companies manage their tire management entirely through the platform. Costs are charged per kilometer.
Initially, the start-up is targeting smaller and medium-sized logistics companies. Around 150 vehicles are already in live tracking. “So far, we have made significant investments in the platform. We expect to be profitable by 2024,” Bartsch is optimistic.
However, the goals are not only monetary. By 2026, the company aims to contribute to saving at least 132,000 tons of CO2.
Recently, CO2OPT was among the finalists for the Eco Performance Award 2022 and narrowly missed out on winning. Benjamin Bartsch receives the award from jury president Prof. Dr. Wolfgang Stölzle (© Loginfo24)
About CO2OPT GmbH
CO2OPT offers an AI-based neutral platform where transport companies can identify savings potential in fuel and CO2 emissions through optimized tire selection and, in the next step, can directly order the corresponding tire or tire management contracts from a pool of tire suppliers with a click. We objectify the optimal tire choice and for the first time and in a comprehensible manner consider the overall performance of a tire over its entire lifespan. The use of big data, including telematics data from vehicles and individual tire specifications, is the foundation of our machine learning model, which determines the optimal tire fitting for the individual application profiles of trucks. Immediately after the tires are mounted, the logistics company begins to reduce its costs and CO2 emissions.
Photos: © CO2OPT GmbH
