Skyonic Corporation, an Austin Texas-based chemical engineering firm, secured $128m in Series C funding.
Backers included new investors Cenovus Energy [TSX, NYSE: CVE], BlueCap Partners, Toyo-Thai Corporation Public Company Limited [TTCL:Bangkok], and Energy Technology Ventures, which joined Berg & Berg Enterprises, Northwater Capital Management, ConocoPhillips [NYSE: COP], BP Ventures [NYSE: BP], PVS Chemicals, and Zachry Corporation. These investments totalled $48m, including the $9m announced in July 2012 (read here), and add to an $80m loan financing from Apollo Investment Corporation and Maxus Capital Group. Skyonic also received a $28m grant from the U.S. Department of Energy’s National Energy Technology Laboratory.
The company intends to use the capital to build a commercial-scale carbon capture and mineralization plant at Capitol Aggregates Cement in San Antonio, Texas, which is expected to account for the profitable removal of more than 300,000 tons of carbon dioxide as well as to advance its global IP portfolio of carbon chemistry solutions and other R&D and operations expenses.
Founded in 2005 by inventor and CEO Joe Jones, Skyonic builds new and retrofittable plants that produce carbon-negative chemical products at low cost, while mineralizing industrial CO2 emissions and scrubbing SOx, NOx and mercury. The company’s technologies are designed to extract and mineralize carbon dioxide from industrial flue gas into products, such as baking soda, hydrochloric acid and limestone, at a commercial scale.