UP Catalyst, a Tallinn, Estonia-based company which specializes in sustainable carbon material production, raised €4M in funding.
The round was led by Extantia and supported by Estonia’s state fund SmartCap, along with participation from existing investors Sunly, Little Green Fund, Scottish Baltic Invest and UniTartu Ventures.
Led by CEO Gary Urb, UP Catalyst is a nanotechnology company that specializes in the production of sustainable carbon nanomaterials and graphite utilizing CO2 through electrolysis.
The company intends to use the funds to scale up their local production of carbon materials and graphite derived from CO2 emissions, offering a sustainable alternative source of raw materials to European battery manufacturers. With the funding, UP Catalyst will build an industrial pilot reactor capable of processing 100 tons of CO2 annually and producing 27 tons of carbon materials.
In the past years, the company secured over €6M in grants and has expanded its customer base beyond Europe.
FinSMEs
05/12/2023