Carbonova, a Calgary, Canada-based startup that aims to turn greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials, raised $6M in funding.
The round was led by Kolon Industries, with participation from Natural Gas Innovation Fund NGIF Capital.
This funding added to the previously announced $2.5M from Sustainable Development Technology Canada “SDTC” and the National Research Council of Canada Industrial Research Assistance Program “NRC-IRAP” secured in February of 2023.
The company intends to use the funds to advance its strategy towards building the first commercial demonstration carbon nanofibers unit in Canada.
Led by CEO Mina Zarabian, Carbonova leverages a patent-protected process that converts widely-available greenhouse gas feedstocks – such as methane and carbon dioxide – into a sustainable, relatively inexpensive, high quality solid carbon nanomaterials product. The carbon nanomaterials can then be used in multiple market applications ranging from plastics to batteries, and construction materials.
Carbonova currently produces carbon nanomaterials for customers. The commercial demonstration expansion will result in unit production cost efficiencies and is forecast to reduce the CO2 footprint of the carbon nanomaterials to below net-zero.
FinSMEs
14/03/2024