MASSIVE move in the climate space – Dioxycle has secured $17 million to make ethylene from recycled carbon emissions.
Why is this huge?
Firstly, while everyone’s used to discussing things like renewables and EVs, we’re finally witnessing funding being poured into sectors that have traditionally been sidelined despite their enormous carbon footprint.
The Series A round saw participation from some significant names like Lowercarbon Capital, Breakthrough Energy Ventures Europe, and Gigascale Capital.
What’s the big deal about ethylene?
Ethylene dominates the chemical market to the tune of $180 billion. Used majorly in textiles and plastics, it’s an integral part of our daily lives. Imagine if we could cut its fossil fuel ties? Dioxycle claims this shift could reduce global carbon emissions by a HUGE 800 million tons annually. That’s 2% of the world’s yearly output!
With these funds, the ambitious start-up is gearing up to showcase its first on-site demo and an industrial prototype.
The next-gen climate tech race is heating up! What other companies are you keeping tabs on?