Carbyon, one of the global leaders in direct air capture (DAC) technology, has successfully secured €15.3M ($16.9M) in a Series A funding round.
This financial injection will allow the company to prepare its patented fast-swing technology for scaling up and commercial pilot takeoff.
The funding round saw participation from three new investors: Siemens Financial Services, Omnes Capital, and Global Cleantech Capital. The newcomers joined the group of existing investors, including Invest-NL, Innovation Industries, Lowercarbon Capital, and the Brabant Development Agency (BOM).
Commenting on this major progress, Carbyon founder Hans De Neve said, “This new investment brings us much more than the financial resources to continue our growth. Our partners have the required manufacturing and scaling knowledge we need to rapidly but responsibly scale our technology. This consortium is a dream scenario and is highly motivating to continue with our mission.”
Founded in 2019 as a spin-off from the applied research institute TNO, Carbyon quickly gained widespread recognition, winning the $1M Milestone Award of the XPRIZE Foundation and gathering a total of more than €25 million in funding, including the latest round.
Relevant: Carbyon Makes Direct Air Capture Breakthrough With Low-Energy, Ultra-Fast Process
Their proprietary ultra-fast direct air capture method sets them apart from other options on the market as the most energy-saving and cost-effective choice. Using this innovative approach, the company strives to bring down the price per ton removed to less than 100 euros.
Following a few years of refining their technology in preparation for operational expansion, Carbyon now intends to use the recent financial influx to develop their first engineering-scale outdoor demonstrators and to prepare for commercialization.
The company plans to have its first models tested at the High Tech Campus in Eindhoven, Netherlands, which will also be shipped to pilot partners for field testing.
Carbyon shared that in the meantime, it will continue preparing to increase its production to 50,000 machines per year by 2031, aiming for a gigaton scale in 2050.
Read more: Carbyon Wins Milestone XPRIZE Award For Breakthrough Carbon Removal Tech
