OCOchem, a Richland, WA-based carbon conversion startup, raised $5M in Seed funding.
The round was led by TO VC. INPEX Corp. (IPXHF.NaE), with LCY Lee Family Office, and MIH Capital Management also participating. These investors joined Halliburton Labs, Halliburton Company’s (NYSE: HAL) energy and climate tech accelerator, which has been supporting OCOChem’s scaling since 2021.
The company intends to use the funds to scale its modular carbon conversion technology to industrial proportions and build a pilot plant for commercial demonstration operations.
Led by CEO Todd Brix, OCOchem is a clean tech startup commercializing its proprietary technology to electrochemically convert carbon dioxide and water into sustainable platform molecules, which can then be used to make other less expensive and more environmentally friendly chemicals, fuels, and materials, including clean distributed hydrogen. Industry, energy, and agricultural producers can purchase formic and formates made using OCOchem’s technology to reduce the carbon intensity of everyday products from feed and fibers to fuels and fertilizers.
Opened in late 2020, it operates its principal R&D laboratories and manufacturing operations in Richland, WA. In addition to investing in the company, INPEX, Japan’s largest oil and gas exploration, development, and production company, has partnered with OCOchem to evaluate collaboration opportunities leveraging the company’s technology to transport CO2 and clean hydrogen.
FinSMEs
16/11/2023