Greenlyte Carbon Technologies Locks In $11.5M In Pre-Series A Funding Round

Greenlyte Carbon Technologies Locks In $11.5M In Pre-Series A Funding Round - Carbon Herald

Greenlyte Carbon Technologies – an innovative direct air capture startup, bringing on the table an intriguing solution, announced it has closed a new investment round. The pre-series A round amounts to €10.5 million ($11.5 million) with participation from Earlybird Venture Capital (backed QuantumDiamonds and randevu.tech), Green Generation Fund, Carbon Removal Partners, Board member Dr. Udo Jung, and Partech. 

According to Florian Hildebrand, CEO and co-founder of Greenlyte, the funds will be utilized to grow the team from 30 to 50 people, expedite the technology development and deployment in order to reach the market sooner, as well as drive down costs. With this round, the total funds raised by the German startup now come to over €20 million. 

Relevant: Greenlyte Carbon Technologies Removes CO2 From Air While Making Hydrogen

The investment follows strong commercial traction in the form of partnerships and high-value offtake agreements. Additionally, Greenlyte has won two grants from the European Fund for Regional Developments.

“Greenlyte’s swift progress and ability to secure over €20 million in such a short period of time is a clear indicator of the market’s trust in their offering. We are convinced that their DAC technology will make a real difference in the world and are proud to continue supporting Greenlyte’s team in advancing DAC technology,” said Dr. Hendrik Brandis, Earlybird Co-Founder and Partner. 

“It is a very rare occurrence in the life of an investor to meet a team that combines deep tech expertise, scale-up know-how, and the ability to execute extremely quickly. The progress I have witnessed at Greenlyte reminds me of the early days of SpaceX, with this combination of pragmatism, determination, and ambition. I am excited to join the board of Greenlyte and assist Florian, Niklas, and Peter in building the undisputed leader of Carbon Capture,” also added Romain Lavault, General Partner at Partech.

Relevant: Greenlyte Carbon To Deliver DAC Unit To Cella Mineral Storage In Kenya

What sets apart Greenlyte from other innovative direct air capture startups is their high ambitions to reach economies of scale fast and the ability to do so due to experienced and professional team. Their approach stands out as it generates hydrogen as a byproduct while simultaneously removing the CO2 from the air. 

The technology works as an absorber captures the CO2 from the air that flows through it. The CO2 reacts with the absorbent and forms hydrogen carbonate. Then, the solid hydrogen carbonate moves in an electrolyzer where it is dissolved. In this process called desorption the hydrogen carbonate breaks down in an alkaline water electrolysis into CO2, H2 and O2 as pure gas streams that are collected. The process also regenerates the absorbent, which is then returned to the absorption step.

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