August 30, 2024: Nanotech startup UP Catalyst has secured an extra €2.3 million ($2.5 million) for a pilot project to produce battery raw materials using carbon material production from CO2 emissions.
The Estonian company said on August 21 that it had closed a €2.36 million seed extension round, following an initial round where it raised €4 million last December.
The funding will accelerate plans to build a pilot facility, based on molten salt electrolysis, that UP says will be capable of processing 100 tonnes of CO2 annually, which it claims will yield 27 tonnes of advanced carbon materials such as graphite and carbon nanotubes.
UP Catalyst says it uses the technology of molten salt carbon capture and electrochemical transformation to process “CO₂ rich flue gases from heavy industry emitters as a feedstock”. The process is powered by either wind, solar or hydro energy.
UP’s latest funding round saw equal participation from Warsaw Equity Group and Estonia’s state fund SmartCap.
Additional investment will be needed to finalize construction of a commercial facility by 2030 that will boast a production capacity 10x more than the pilot facility, the company said.
If successful, the project can help reduce Europe’s reliance on Chinese carbon materials by providing a sustainable alternative source of raw materials for battery manufacturers, UP claims.
According to the company, by 2030 the EU will require 3 million tonnes of carbon materials for EV batteries.
