Dioxycle announced its Series A funding round of $17 million, co-led by Lowercarbon Capital and Breakthrough Energy Ventures Europe (BEV-E). Gigascale Capital participated in the funding.
The company is a French-American start-up. It transforms CO2 emissions into high-value and sustainable chemicals.
Dioxycle claims to develop a tech that produces sustainable ethylene from recycled carbon emissions. The company produces this at equal or lower costs to fossil equivalent.
The report says, ethylene is the worlds most consumed organic chemical. It is used in the ‘production of textiles, plastics, furniture, and construction materials but has a hefty carbon footprint.’
Dioxycle plans to remove fossil fuels from the production of ethylene. It is to curb increasing CO2 emissions.
The company states, “ a ‘green discount’, that provides an immediate and built-in competitive advantage, as opposed to the ‘green premium’ that usually hampers the adoption of sustainable products. “
The company aims to devise a profitable way to combine decarbonization and profitability to enable fast utilization of the technology.
Dioxycle electrolyzer technique –
Dioxycle plans to create a type of electrolyzer. It will utilize a – ‘low–temperature electrolyzer that generates high-value chemicals from just carbon emissions, water, and renewable electricity.’
The electrolyzer claims to be cost-effective, high-efficiency, and advanced in its methods and creation.
David Wakerley, co-founder and CTO, explains, “Given how much our society runs on carbon, CO2 emissions could be considered an incredible resource, but only with a highly efficient CO2-conversion technology to take advantage of them.”
“To this end, we continually asked ourselves how we can push this device to the maximum energy efficiency possible. Now, two and a half years later, we are ready to build an electrolyzer with the carbon-converting capabilities of about 20,000 trees, focused on the production of sustainable ethylene,”
Sarah Lamaison, co-founder and CEO, shares, “Our vision is to become the INTEL Inside of the CCUS industry (Carbon Capture, Utilization and Storage), the trusted technology provider empowering chemical manufacturers to reinvent chemical processes based on emission recycling rather than fossil fuel extraction.”
“To reach our climate goals, we must disrupt the processes of incumbents instead of re-building the industry from the ground up. Leveraging existing industrial assets will allow us to scale sustainable technologies at the required speed,”
Source: https://dioxycle.com/dioxycle-raises-17m-to-turn-co%e2%82%82-emissions-into-sustainable-chemicals/
