Quebec-based direct air capture (DAC) startup Skyrenu announced that it has successfully closed a pre-seed funding round, securing support from both the regional government and private sector investors.
The round was led by Investissement Québec, a government agent that provided funds as part of the Impulsion PME program, and Skyrenu also garnered backing from private investors, such as the CarbonFix fund from the Netherlands.
This funding will serve to boost Skyrenu’s execution capacity and advance its award-winning direct air capture approach that was selected for a student prize by XPRIZE back in 2021.
For Skyrenu, this funding follows the company’s first on-site DAC unit installation, deployed at the Deep Sky Alpha location in Alberta earlier this year.
Set up as a financing program for startups, the Impulsion PME initiative aims to help companies that are planning their initial funding round access investment capital.
To help startups make a strong market debut, this program counts on collaboration and commitments from entities that delve into coaching or referring or are recognized investors.
In the case of Skyrenu, the startup was referred and supported by entities with know-how on R&D/materials (PRIMA Québec) and clean technologies (2 Degrés).
Its direct air capture technology, created in partnership with the University of Sherbrooke, has also relied for financial and strategic support on Axelys, which powered Skyrenu’s technological maturation.
Relevant: Deep Sky & Skyrenu Partner On Carbon Removal In Canada
Bicha Ngo, President and CEO of Investment Quebec, commented, “Skyrenu offers an innovative solution that leverages local expertise to address major climate challenges. By leveraging technology from academia, the company perfectly illustrates Quebec’s ability to transform cutting-edge research into concrete, marketable solutions.”
She added, “Impulsion PME’s participation not only accelerates the transition from research to market but also strengthens an ecosystem where innovation and the energy transition go hand in hand.”
On behalf of Skyrenu, president and CEO Gabriel Vezina remarked that this support from the Quebec government is an important milestone for the company, one that validates Skyrenu’s expertise and dynamism of its team, its innovative technology, and its strong growth potential.
Read more: Carbon Engineering To Expand DAC R&D Facilities In Canada’s Squamish
