Skyonic Raises $9M in Series C Funding
Skyonic Corporation, an Austin, Texas-based company that has developed a carbon capture technology designed to capture carbon dioxide (CO2) emissions by mineralizing the gas into baking soda, has received the first portion of $9m as part of a committed $35m Series C funding.
Backers include Northwater Capital Management, ConocoPhillips (NYSE: COP), BP (NYSE: BP), and PVS Chemicals.
They join existing investors Carl Berg and Zachry Corporation.
The company intends to use the funding to These funds will be used to support construction costs for of its carbon capture and utilization plant in the U.S., advance its global IP portfolio of green carbon chemistry solutions, and for other R&D and operations purposes.
Founded in 2005 by Joe Jones, CEO, Skyonic has developed electrolytic carbon capture technology, SkyMine®, which 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. Located at Capitol Aggregates, Inc., in San Antonio, Texas, its facility will capture 83,000 short tons and offset an additional 220,000 short tons of CO2 annually once it is operational in 2014.