Direct Air Capture startup Greenlyte Carbon Technologies (GCT) today announced the closing of a €10.5 million Pre Series A round.
Founded at the end of 2022 by Florian Hildebrand, Dr Niklas Friederichsen, and Dr. Peter Behr, Greenlyte specialises in a direct air capturing (DAC) system that efficiently removes CO2 from the atmosphere using a liquid-sorbent solution with minimal energy and producing hydrogen as a byproduct.
This process can be fully integrated with renewable energies and doesn't rely on high heat or pressure. The generated CO2 and hydrogen can then be used as feedstock for chemicals, construction materials, and alternative fuels or to create negative emissions.
The company's technology is based on 15 years of research and has been proven at various stages.
The round follows strong commercial traction through partnerships and high-value off-take agreements. Greenlyte also won two grants from the European Fund for Regional Development. Since its inception 18 months ago, the company has raised over €20 million in combined equity and grants.
In addition to the large participation of all investors, namely Earlybird Venture Capital, Green Generation Fund, Carbon Removal Partners, and Board member Dr. Udo Jung, Partech joined the investor group.
Florian Hildebrand, CEO and co-founder of Greenlyte, shared:
"2023 was one of the worst years, showing the detrimental effects of global warming. In Q4 2023, it became clear that the demand for DAC was at a pivotal stage.
With the new funds, we can grow our team from 30 to 50 people, allowing us to perform technology development and deployment in parallel with our expedited go-to-market, accelerate our scaling, and drive down costs more rapidly. The round is proof of our ambition to build a global DAC champion fast."
Dr. Hendrik Brandis, Earlybird Venture Capital Co-Founder and Partner, lends support:
"Greenlyte's swift progress and ability to secure over €20 million in such a short period of time are clear indicators of the market's trust in its offering.
We are convinced that their DAC technology will make a real difference in the world and are proud to continue supporting Greenlyte's team in advancing DAC technology."
Janna Ensthaler, Green Generation Fund Co-Founder and Partner, says:
"As early endorsers, we at Green Generation Fund are thrilled to support Greenlyte's exceptional team and its groundbreaking DAC technology.
Florian, Niklas & Peter have combined scientific expertise, can-do spirit, and operational excellence since day one."
Lead image: Greenlyte Carbon Technologies. Photo: uncredited.
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