Decarbonization company Syzygy Plasmonics has raised $76 million in a Series C funding round that was led by Carbon Direct Capital to accelerate the delivery of low-carbon hydrogen.
Other investors that participated in the funding round include the venturing arms of multinational oil and gas corporations, such as Chevron Technology Ventures and Aramco Ventures, as well Toyota Ventures and LOTTE Chemical.
These were added to the list of existing investors, among which are Equinor Ventures, Goose Capital, Sumitomo Corporation of Americas, and others.
Syzygy Plasmonics will use the raised capital to advance the development of its all-electric reactor systems for the electrification of the chemical industry and delivery of low-carbon hydrogen, methanol and fuel.
The company’s approach relied on the use of light to power chemical reactions, as opposed to thermal energy, which is much more carbon intensive.