Today London carbon utilisation startup ViridiCO2 announces a £3m seed funding round.
ViridiCO2 has invented a radical solution with the creation of technology that converts waste carbon dioxide into high-value chemical products such as surfactants, polymer feedstocks and small molecules.
The global chemicals industry is a high-polluting, 5 trillion dollar industry with one feedstock – fossil fuel-based petrochemicals. To keep global warming in line with the Paris Agreement, emissions need to be reduced by 45% by 2030 and reach net zero by 2050.
The ViridiCO2 technology activates CO2 – which is otherwise very stable – captured from the chemical manufacturer’s waste flue gas stream. This eliminates CO2 emission to produce circular products, which are sold to manufacturers who make consumer products, like washing detergent.
It enables industry users to immediately cut the use of petrochemicals (sourced from fossil fuels) as feedstocks by 50%, replacing them with CO2 captured from the atmosphere.
The technology reduces petrochemical reliance through direct replacement with waste CO2 and reduces the energy required to fuel the whole manufacturing process. It helps transition manufacturers towards a circular economy.
The company is spun out from the University of Southampton, and the technology was conceived during founder Dr. Daniel Stewart’s PhD research. He states:
“Using our technology by the high emitting chemicals industry reduces the reliance on fossil-fuel petrochemical-based materials and valorises the waste CO2 that would otherwise be released into the atmosphere, further contributing to the climate crisis.
In the face of climate change, businesses have realised that sustainability is the fulcrum of their corporate strategy rather than an add-on - our technology truly helps these heavy emitting manufacturers transition towards a circular economy, reduce scope 1, 2 & 3 emissions and enable the first ‘carbon-positive plastics’ to hit the market.”
EQT Ventures led the £3 million seed financing.
The funds will be used to accelerate the development and commercialisation of ViridiCO2’s technology. It will progress the technology to TRL 7, a system prototype demonstration stage in an operational environment, and then work with manufacturing partners to scale the solution in line with the market demand.
Lead image: ViridiCO2- Photo: Uncredited.