Venture Capital: Dioxycle Nabs $17M Funding For Turning CO2 Into Ethylene

Dioxycle uses a proprietory process, primarily an electrolyzer, to extract ethylene at scale from recycled carbon emissions.

Dioxycle, a French-U.S. climate tech start-up, has secured $17 million in funding to support the development of sustainable ethylene produced from recycled carbon emissions. The investment comes as investors increasingly seek opportunities to support environmentally-friendly solutions in high-emitting industries, which are crucial for achieving global climate goals but have historically received less funding.

The Series A funding round was co-led by venture capital firms Lowercarbon Capital and Breakthrough Energy Ventures Europe, with participation from Gigascale Capital.

According to Lowercarbon Capital’s partner, Clea Kolster, Dioxycle’s solution addressed two critical challenges faced by global ethylene supply chains – their reliance on volatile fossil fuels and highly centralized production.

Since the chemical ethylene is widely used in textile and plastic production, Dioxycle aims to produce it at a cost that is equal to or lower than the current production cost from fossil fuels. The market for this sustainable ethylene is estimated to be worth $180 billion.

Removing fossil fuels from the production of ethylene could lead to a substantial reduction of global carbon emissions, with an estimated impact of 800 million tons per year, equivalent to more than 2% of the world’s annual output.

Dioxycle utilizes a low-temperature electrolyzer to extract chemicals, including ethylene, from carbon emissions, water, and renewable electricity. Looking ahead, the company plans to expand its product range.

The newly raised funds will be used to build Dioxycle’s first on-site demonstration project and an industrial prototype.

Carmichael Roberts of Breakthrough Energy Ventures described Dioxycle as the most exciting electrolysis-based carbon capture and utilization company they have encountered.

The company’s low-temp electrolyzer shows promise in converting carbon emissions into commodity chemicals, potentially disrupting the multi-trillion-dollar commodity chemical and fuel industry.

Related Story:  Material Evolution Nabs $19M For Technology To Decarbonize Cement

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