Ucaneo, an innovative provider of direct air capture (DAC) technologies for CO2 removal, announced it has raised €6.75 million in seed funding including grants.
The fundraising was spearheaded by top hardware and industrial energy investors, Smart Energy Innovationsfonds (SEIF) by Energie 360° and IBB Ventures, with participation from new investors such as Plug and Play Sustainability Fund.
Additionally, existing investors Grantham Environmental Trust, Carbon Removal Partners, Nucleus Capital, Apprecia Capital, and notable angels including Flixfounders and Pjotr van Schothorst also contributed.
The newly secured capital will accelerate Ucaneo to build one of the largest DAC testing and development facilities in Germany as well as developing their first industrial product supporting the company’s mission to remove 0.5 GT of CO2 from the air by 2035 – roughly the same weight as all humans on earth combined or ~1% of global annual CO2 emissions!
Florian Tiller, Ucaneo Co-founder and CEO, stated: “This is a pivotal moment for our company. The growing recognition of the critical need for CO2 removal technologies, coupled with increasing regulatory support, positions Ucaneo at the forefront of this transformative sector. This funding round testifies our progress and potential, enabling us to quickly build one of the most cost-efficient, scalable and mass-producible Direct Air Capture systems, delivering a sustainable solution for CO2 removal or utilisation processes at any location and scale.”
Ucaneo’s state-of-the-art electrochemical technology mimics the human lung and how CO2 is managed in the human body. Utilising electricity and a specialised biomimetic solvent, Ucaneo removes atmospheric CO2 at continuous regeneration at room temperature, concentrating CO2 into a pure gas ready for industrial use.
The DAC technology is highly energy-efficient and compatible with variable intermittent renewable energy sources such as solar and wind energy, allowing for energy price arbitrage and a flexible, on-demand CO2 removal.
“To scale carbon removal, we need accelerated hardware development! Ucaneo’s technology is designed for rapid iterations, our own so called interchangeable modular product architecture. To reach cost-effectiveness already at a smaller scale, we are leveraging proven components, established supply chains and a modular design suitable for global deployment,” added Carla Glassl, Ucaneo Co-founder and CTO.
Read the orginal article: https://www.eu-startups.com/2024/09/berlin-based-ucaneo-secures-e6-75-million-to-accelerate-development-of-co2-removal-tech/
