Southampton University spin-out, ViridiCO2, has raised €3.3 million (£3 million) in seed funding led by EQT Ventures for its technology that turns waste carbon dioxide into high-value chemical products. The chemicals industry, worth $5 trillion, is a significant polluter and currently relies on fossil fuel-based petrochemicals. ViridiCO2 aims to help the industry decarbonise and achieve carbon neutrality by 2050 by capturing industry waste CO2 and converting it into sustainable products, including surfactants, plastics, and small molecules. The funding will be used to commercialise the technology and progress it to TRL7, a system prototype demonstration stage.
ViridiCO2 has raised €3.3 million (£3 million) in seed funding led by EQT Ventures. The company plans to use the funding to accelerate the development and commercialisation of its technology, which converts waste carbon dioxide into high-value chemical products. The technology aims to reduce the reliance of the chemicals industry on fossil-fuel-sourced petrochemicals as feedstocks by 50% immediately, replacing them with CO2 captured from the atmosphere. The startup plans to work with different manufacturing patterns to scale the solution in line with market demand.
ViridiCO2’s seed funding was led by EQT Ventures. The funding round included Angel investors, many of whom are Southampton alumni, and grant funding from Innovate UK. The startup has used the funding to prove kilogram production capability and validate it on a chemical manufacturer’s site. The new funding will be used to accelerate the development of the technology and progress it to TRL7. The startup plans to work with different manufacturing patterns to scale the solution in line with market demand.
ViridiCO2’s technology enables industry users to reduce the use of fossil-fuel-sourced petrochemicals as feedstocks by 50% immediately, replacing them with CO2 captured from the atmosphere. The startup aims to assist the chemicals industry to decarbonise by putting the 7 billion tonnes of industry waste CO2 to good use, creating sustainable products and a new income source. The funding will be used to commercialise the technology and progress it to TRL7, a system prototype demonstration stage. The company has won awards, including the 2020 Emerging Technologies Competition, and has received grant funding from Innovate UK.
ViridiCO2’s technology has the potential to help the chemicals industry decarbonise and achieve carbon neutrality by 2050 by capturing industry waste CO2 and converting it into sustainable products. The startup has secured €3.3 million (£3 million) in seed funding led by EQT Ventures and plans to use the funding to commercialise the technology and progress it to TRL7. ViridiCO2’s innovative technology has won awards and received grant funding from Innovate UK, and it aims to create a new income source by putting waste CO2 to good use.
