ViridiCO2, a startup working on Carbon Emission has recently raised more than €3.3M for its technology that turns waste carbon dioxide into superior chemical goods.
Funding Details:
The University of Southampton-born company has closed a seed funding round headed by EQT Ventures.
Since its founding in 2021, the carbon emission startup has used grant money from Innovate UK and funding from its Angel investors, many of whom are graduates of Southampton, to demonstrate kilogram production capability and to validate it on a chemical manufacturer’s site.
Need of the Time:
The necessity of reducing carbon emissions and achieving net zero is increasing. Emissions must be reduced by 45% by 2030 to maintain global warming within the parameters of the Paris Agreement, and net zero emissions must be achieved by 2050. However, significant sectors on which we rely continue to be substantial polluters.
For instance, the $5 trillion global chemicals industry is a significant polluter and presently uses harmful petrochemicals derived from fossil fuels as a feedstock. While lowering the pollution essential, petrochemical-based products like plastics won’t disappear.
ViridiCO2 is rethinking how we can obtain these materials in a more environmentally friendly manner. The start-up has created a method to transform waste carbon dioxide that would otherwise be discharged into the environment into high-value chemical products like surfactants, feedstock for plastics and polymers, and small molecules.
Thoughts:
“The foundation, formulation, and chemical sectors are some of the worst polluters in the world, and many of them have goals to become carbon neutral by 2050”, according to Daniel Stewart, co-founder and CEO of ViridiCO2.
Daniel added, “Through creating sustainable products and new revenue streams, ViridiCO2 is committed to helping the chemicals sector reduce its carbon footprint.”
Using the technology developed by ViridiCO2, industry users can instantly reduce their reliance on petrochemicals derived from fossil fuels by 50% and replace them with CO2 captured from the atmosphere.
Daniel Stewart further stated, “the high emitting chemicals industry’s use of our technology reduces the dependence on fossil-fuel petrochemical-based materials and valorizes the waste CO2 that would otherwise be realized into the atmosphere and further adding to the climate crisis.”
“Businesses now recognize that sustainability is the core of their corporate strategy in the face of climate change, not just an add-on. Our technology helps these high-emitting manufacturers move toward a circular economy, cut scope 1, 2 & 3 emissions, and allow the first “carbon-positive plastics” to be produced,” continued Daniel.
What Investors Say:
“We seek to support generation-defining businesses, and ViridCO2 is undoubtedly one that has the potential to hasten the energy transition of an entire industry,” said Ali Mitchell, Partner at EQT Ventures. “Daniel and his team have developed a ground-breaking method to transform waste CO2 into valuable chemical products, plastics, and other necessities that are still required in today’s society.”
Ali Mitchell further said, “The technology makes it possible for the chemical industry to use fewer petrochemicals and decrease CO2 emissions, which is essential to keeping global warming below 2 degrees Celsius and preventing a catastrophic climate change. The team has produced a solution that benefits both company and the wider community.
The carbon emission technology developed by ViridiCO2 will be developed and commercialized more quickly thanks to this new financing. It will also advance the technology to the system prototype showcase stage, or TRL 7.
The startup currently intends to experiment with various manufacturing strategies to scale the solution to consumer demand.
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“The UK is ideally positioned to lead the global development and deployment of CCU with its strong industrial sector, world-class universities, and favorable capital investment landscape to enable innovation and growth, making it one of the most attractive business environments for CCU technology,” said Emma Burke, Innovation Lead for Commercialization at Innovate UK.”
Emma continued, “The ICURe initiative at Innovate UK has helped ViridiCO2 grow, develop, and commercialize this vital technology, which enables users to improve their environmental credentials, save money, and lower their emissions.”
“Daniel and the team at ViridiCO2 have developed an innovative technology that has the potential to deliver real solutions that can play a pivotal role in achieving net zero emission targets globally and advance the emissions reduction strategies for the chemicals industry,” said Gill Reid, President of the Royal Society of Chemistry and Professor of Chemistry at the University of Southampton.”
He added, “It is wonderful to see a domestic university spin-out that won our esteemed 2020 Emerging Technologies Competition continue on its path to growth and success as a UK company.”
