Skyonic Corporation has finalized the first $9 million portion of a committed $35 million investment into the company. Northwater Capital Management, ConocoPhillips and PVS Chemicals are participating in the Series C funding, joining existing investors Carl Berg and Zachry Corporation. Founded in 2005 in Austin, Texas, Skyonic Corporation has developed a carbon capture technology designed to profitably capture carbon dioxide (CO2) emissions by mineralizing the gas into baking soda.
Skyonic Corporation finalized the first $9 million portion of a committed $35 million investment into the company, intended to pilot a first-of-its-kind carbon capture and utilization plant in the U.S. that will demonstrate the viability of capturing and reusing carbon dioxide (CO2) as a profitable commercial-scale venture. Northwater Capital Management, ConocoPhillips COP +1.28% , BP BP +0.40% , and PVS Chemicals are participating in the Series C funding, joining existing investors Carl Berg and Zachry Corporation. These funds will be used to support construction costs for the plant’s groundbreaking this summer, advancement of its global IP portfolio of green carbon chemistry solutions, and other R&D and operations purposes.
“Northwater Capital Management is excited to support Skyonic’s efforts in carbon mineralization,” said Frank Egan, Managing Director at Northwater. “Skyonic’s green carbon chemistry technologies present a cost-effective solution to a problem that many industries have struggled with for years: emissions. We’re excited to work with them in this first step towards a cleaner environment.”
Located at Capitol Aggregates, Inc., in San Antonio, Texas, the facility will capture 83,000 short tons and offset an additional 220,000 short tons of CO2 annually once it is operational in 2014. Skyonic’s electrolytic carbon capture technology, SkyMine®, will selectively remove CO2, acid gases, and heavy metals emitted from the cement plant’s flue gas streams and recycle it into hydrochloric acid, sodium bicarbonate and other byproducts. Skyonic estimates the Capitol SkyMine plant will capture CO2 at a substantially lower cost than competitive technologies. Utilities for the plant will be provided by the City of San Antonio.
“PVS is pleased to be working with Skyonic, who share a strong commitment to minimize the environmental impact of industry,” said Scott Trussell President at PVS Chloralkali, Inc. “Skyonic’s green carbon capture technologies present a scalable cost-effective solution for industry to reduce emissions.”
SkyMine® is a profitable carbonate mineralization technology that produces beneficial re-use products in a safe, efficient and profitable manner. The process achieves this goal using low-cost chemical inputs, producing high-value chemical outputs and operating at energy-efficient conditions. A major differentiator is that SkyMine® captures CO2 as a stable solid, making it easy and safe for storage.
“It’s an honor for a truly world-class syndicate of energy, technology, and top venture players to invest in taking your technology commercial,” said Joe Jones, CEO and founder of Skyonic. “For me, it is a testament to the good work of the Skyonic professional staff over the last eight years and the steadfast support provided by Carl Berg, David Zachry, and many others. Together with our new partners, we are making decarbonated carbon power a real option for the future, while making jobs with real plants, real products, and real improvements to the environment, today.”
About Skyonic CorporationFounded in 2005, Skyonic Corporation developed SkyMine®, the first carbon capture technology designed to profitably capture carbon dioxide (CO2) emissions by mineralizing the gas into baking soda. Developed by inventor and CEO, Joe Jones, SkyMine® is a patented green chemistry process that enables power-generation and industrial manufacturing plants to cost-effectively produce energy and products in a cleaner way. Skyonic has conducted field trials and pilot projects of its technologies at power plants throughout Texas. The company is headquartered in Austin, Texas and is backed by venture capital.
SOURCE Skyonic Corporation