MainShot_Redone2-1024x683Skyonic Corp. announced it has raised $128 million in funding to build a carbon capture and mineralization plant.
The Austin-based company raised $9 million last July and has raised a total of $48 million in a Series C round of investment. It also secured a loan of $80 million from Apollo Investment Corp. and Maxus Capital Corp. The company has also received a $28 million grant from the U.S. Department of Energy’s National Energy Technology Laboratory.
Skyonic’s plans is expected to remove more than 300,000 tons of carbon dioxide when its operating. Construction begins this summer at Capitol Aggregates Cement in San Antonio.
“The funds will also help support the advancement of Skyonic’s global IP portfolio of profitable carbon chemistry solutions and other R&D and operations expenses,” according to its news release.
The new funding includes equity investments from new investors Cenovus Energy, BlueCap Partners, Toyo-Thai Corporation Public Company Limited and Energy Technology Ventures. These companies join previously announced investors Berg & Berg Enterprises, Northwater Capital Management, ConocoPhillips, BP Ventures, PVS Chemicals, and Zachry Corporation.
“The Capitol SkyMine plant will mark the first time that carbon-negative chemistry has reached the commercial stage,” Joe Jones, founder and CEO of Skyonic, said in a news statement. “Our unique, patented process means that emission problems can become emission profits. The carbon-negative products produced, which include sodium bicarbonate and hydrochloric acid, will displace the carbon-positive products currently sold. This is a crucial step towards a cleaner global manufacturing industry.”