Mars Materials, an Oakland, CA-based carbon dioxide utilization startup, raised $660K in Pre-Seed funding.
Backers included Untapped Capital, Prithvi Ventures, Climate Capital Collective (C3), Overlap Holdings, BlackTech Capital, Jonathan Azoff, Nate Salpeter, and Brian Andrés Helmick.
The company intends to use the funds to support the production of samples of its product for testing with global acrylamide manufacturers.
Led by CEO Aaron Fitzgerald, and VP of Feedstock Development and Co-Founder Kristian Gubsch, Mars Materials aims to sequester a gigaton of captured-CO2 into long-lived products such as cheap carbon fiber and wastewater treatment chemicals. Its technology can unlock carbon fiber’s use in new applications ranging from vehicles to transmission lines to hydrogen storage to building materials. In addition to having huge potential markets, each of these carbon fiber applications have tremendous gigaton-scale decarbonization benefits and can permanently store captured-CO2.
With the closing of the pre-seed round, the company is now focused on commercializing its patented technology to decarbonize carbon-intensive industries by repurposing captured-CO2 and bio-based feedstocks.
FinSMEs
27/10/2022