Ukraine’s Carbominer Signs Agreement For $1.5M EIC Accelerator Grant

Ukraine's Carbominer Signs Agreement For $1.5M EIC Accelerator Grant - Carbon Herald

Ukrainian startup Carbominer has recently finalized a grant agreement with the accelerator fund of the European Innovation Council (EIC Accelerator), securing a substantial $1.6 million (€1.5 million) with the potential for up to $8.1 million in equity at later stages.

Among the 47 recipients of the October 2023 batch, Carbominer stood out with its climate tech solutions, particularly its direct air capture (DAC) technology designed by Ukrainian innovator Nick Oseyko.

The journey from application to grant spanned eight months, involving rigorous stages such as short and long application submissions, Commission reviews, and a final interview with experts, Carbominer said in a statement last week.

Carbominer’s DAC technology, focused on capturing atmospheric carbon dioxide (CO2), presents a transformative approach to utilizing CO2 as a valuable resource rather than a mere waste product.

With applications across industries, the company’s initial focus lies in Indoor Agriculture, aiming to optimize food production sustainability by providing green atmospheric CO2 to indoor farmers.

Relevant: Carbominer Selected For Funding Grant To Implement Direct Air Capture In Agriculture By EIC Accelerator

Despite geopolitical challenges, Carbominer has made significant strides, scaling up from an R&D lab to a full-fledged facility and securing investments from Ukrainian and Swiss backers.

With the funding from EIC Accelerator, the company is poised for further development, aiming to advance its DAC technology, engage in pre-commercialization activities, and establish a production line within four years.

Throughout the process, the startup collaborated with consultancy firm UpSpark to enhance its narrative and presentation to the jury.

As the second Ukrainian startup to secure EIC Accelerator funding, Carbominer’s trajectory symbolizes the country’s growing presence in the international innovation landscape.

With negotiations underway for additional funding rounds, the company is poised to continue its journey of growth and innovation, aiming to close the next round by spring.

Read more: Carbominer Completes Pilot Demonstration Of 1-Ton Direct Air Capture Machine In Vienna

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