Tuesday, June 25, 2013
Skyonic Raises $128M For Carbon Capture
Austin-based Skyonic, a firm developing carbon capture technology, said today that it has raised $128M in a Series C funding, to go towards construction of a commercial-scale, carbon capture and mineralization plant. The Austin startup said the funding included both equity and debt, with equity coming from Cenovus Energy, BlueCap Partners, Toyo-Thai Corporation Public Company Limited, and Energy Technology Ventures. Those investors come on top of existing investments from Berg & Berg Enterprises, Northwater Capital Management, ConocoPhillips, BP Ventures, PVS Chemicals, and Zachry Corporation. Skyonic also said it has raised $80M in the form of loan financing, which came from Apollo Investment Corporation and Maxus Capital Group.
Skyonic is developing CO2 capture technology, which scrubs CO2, acid gases, and heavy metals from flue gas, and turns those into mineral products. The company said its technology captures carbon at a "substantially lower" cost than other technology, which will help CO2 emitters profit from their reduced CO2 emissions. Skyonic was founded by Joe Jones.
The announcement by Skyonic is extremely well timed; President Obama is expected to announce sweeping changes to cut emissions at coal-fired power plants, an area that is directly impacted by Skyonic's technology. Obama's move to curb CO2 and global warming will likely help Skyonic in pushing demand for its equipment and processes.More information »