Oxford-based biotechnology company HydRegen, has the potential to reduce the carbon footprint and operating costs of the chemical manufacturing and pharmaceutical industries. The spin-out from the University of Oxford is replacing toxic metal catalysts with environmentally and economically friendly bio-based alternatives reducing the temperatures and pressures required in chemical syntheses.
In its latest funding round it has secured a £2.6 million investment which was led by Clean Growth Fund, a UK VC supporting UK clean-tech early stage start-ups, alongside a group of existing investors.
Analysis by Clean Growth Fund suggests that replacing a first target process, Paracetamol production, with HydRegen’s biotechnology approach would save hundreds of thousands of tonnes of CO₂e (Carbon Dioxide Equivalent) per annum - saving millions of tonnes of CO₂e annually if broad adoption in the pharmaceutical and chemical manufacturing industries occurs.
“The potential for HydRegen to revolutionise and decarbonise the chemical and pharmaceutical sectors is off-the-scale, and we are understandably excited about the company’s future,” says Dr. Jonathan Tudor, Investment Partner at Clean Growth Fund.
“HydRegen is in Clean Growth Fund’s investment sweet spot: a proven clean-technology – originated in the UK, with huge potential to reduce greenhouse gas emissions – millions of tonnes of CO₂ can be saved per year if adopted in multiple processes, a sizeable market opportunity and a first-class team, led by Holly Reeve and Sarah Cleary. With the support of Carbon Limiting Technologies, our sister company, Clean Growth Fund is looking forward to working with the HydRegen team in realising their ambitions.”
HydRegen’s recent funding will support the commercial development and deployment of its biotechnologies to companies manufacturing pharmaceutical and chemical products around the world. It will also expand its team.
“The HydRegen Team are hugely excited to embark on the next stage of our journey and to add CGF’s considerable expertise in clean-tech to our commercial strategy,” says Dr Holly Reeve, CEO of HydRegen. “This funding will speed up development of our greener and less wasteful bio-based manufacturing technologies, allowing us to help chemical companies to reduce their environmental impact and carbon footprint whilst also reducing their costs. HydRegen’s vision is to become part of the ‘advanced manufacturing tool-box’ across the global chemical manufacturing industry, enabling companies to meet their Net Zero goals.”