UP Catalyst, a pioneering company specializing in transforming CO2 emissions into valuable carbon materials, has successfully closed a €2.36 million seed extension round. This follows the initial seed funding of €4 million raised in December 2023, bringing the total seed funding to €6.36 million.
The additional capital will be used to expedite the construction of the company’s first-of-a-kind industrial production unit. This facility aims to process 100 tons of CO2 annually, yielding 27 tons of advanced carbon materials such as graphite and carbon nanotubes. UP Catalyst’s innovative technology, based on molten salt electrolysis, offers a more sustainable and cost-effective alternative to traditional carbon sources.
“Supporting UP Catalyst aligns perfectly with our mission to invest in ground-breaking technologies that combat climate change,” stated Arvin Khanchandani, Investment Manager at Warsaw Equity Group. “Their ability to convert industrial CO2 emissions into critical carbon-based raw materials is a game-changer.”
UP Catalyst’s production process boasts an impressive carbon footprint, significantly lower than conventional methods. For example, the company’s graphite production emits only 0.07 tons of CO2-eq per ton of graphite, compared to 20 times more for traditional methods. Similarly, its carbon nanotube production emits 0.7 tons of CO2-eq per ton, a remarkable 242 times lower than the emissions from the traditional Chemical Vapor Deposition (CVD) method.
“The EU’s growing demand for carbon materials, especially for electric vehicle batteries, presents a significant opportunity for our technology,” said Dr Gary Urb, CEO of UP Catalyst. “By utilizing CO2 emissions, we can reduce our dependence on foreign fossil fuel imports and contribute to a more sustainable future.”
UP Catalyst has also moved into a new facility located near the Tallinn waste incineration plant, providing direct access to hard-to-abate CO2 emissions. The new plant will have a production capacity ten times larger than the current setup, marking a significant step towards the construction of a full-scale industrial reactor unit.
This innovative approach offers industrial partners a pathway to utilize their CO2 emissions, potentially reducing the need for purchasing allowances from the EU Emissions Trading System (ETS) or mitigating carbon tax burdens. As the EU continues to prioritize climate action, UP Catalyst’s technology offers a promising solution for sustainable carbon material production.
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