Cyclize, a Stuttgart, Germany-based ClimateTech startup, raised €5M in Seed funding.
The round was led by UVC Partners, with investments from High-Tech Gründerfonds (HTGF), Aurum Impact, UnternehmerTUM Funding for Innovators, and business angels, including Dr. Klaus Schäfer. Dr. Klaus Schäfer, former CTO of Covestro, will also join Cyclize’s Advisory Board.
The company intends to use the funds to scale the technology and its application on an industrial scale with an expanded team.
Led by CEO Maike Lambarth, Cyclize offers a plasma-based process that recycles mixed plastic waste of all kinds to produce synthetic gas, economically competing with fossil synthesis gas. The technology defossilizes the chemical industry using mixed plastic waste and CO2 as raw materials to produce synthesis gas (a gas mixture of carbon monoxide and hydrogen). This synthesis gas is a fundamental building block for advanced chemicals and is used in making plastics, methanol, hydrogen, and e-fuels. Until now, synthesis gas has been obtained through the linear use of fossil resources such as natural gas. The innovative plasma-based process replaces fossil resources with waste materials, enabling a circular carbon economy and avoiding hundreds of megatons of CO2 annually by 2050.
FinSMEs
05/03/2024