Northwater Capital Management, ConocoPhillips, BP and PVS Chemicals came together with the existing investors to bring in the first batch of capital that will help Skyonic build its pilot facility for carbon capture and utilization technology.
Northwater managing director Frank Egan said the company is excited to support Skyonic’s efforts in carbon mineralization which it believes is the first step towards a cleaner environment.
"Skyonic’s green carbon chemistry technologies present a cost-effective solution to a problem that many industries have struggled with for years: emissions," added Egan.
Once ready the facility coming up in Texas will capture 83,000 short tons of carbon dioxide (CO2) and offset an additional 220,000 short tons of the same per annum annually.
The facility is expected to be operational in 2014.
Apart from covering for the construction costs, the funds will be allocated to R&D including advancement of Skyonic’s global IP portfolio of green carbon chemistry solutions and other operational purposes.
