Danish startup Algiecel has secured €1.3 million (~$1.4 million) in a seed funding round to further develop its revolutionary algae-based carbon capture and utilization technology.
The company’s technology uses microalgae organisms to provide carbon capture as a service to industrial emitters of carbon dioxide.
Namely, Algiecel caters to small- and medium-sized emitters and offers them a shared revenue business model that not only helps both sides turn a profit, but also benefits the environment.
Based in Odense, the Danish startup transforms planet-warming CO2 emissions that are captured before they can enter the atmosphere into high-value biomass products that can be applied as aquaculture feed, human food supplements and in the cosmetics industry.
The natural microalgae organisms produce vegan microalgae biomass, which is rich in protein, vitamins, omega-3, and carotenoids.
Furthermore, the revenue from the sold derivative products is share between the carbon capture startup and its industrial client, which helps offset the costs of capturing CO2 and even make it profitable.
Algiecel’s technology involves compact, modular carbon capture units that are each equipped with a microalgae PhotoBioReactor (PBR), which with the help of LED light turns the captured emissions into biomass via photosynthesis.
The only byproducts of the entire process are oxygen and heat, and the latter can be further utilized, for instance, in other production processes.
This latest funding will go towards shifting gears from pilot projects to finishing up the full-scale design and start application trials for the algae products.