Skyonic has received commitments for a $35 million investment for construction of a carbon capture and utilization plant in San Antonio, Texas. It has finalized the agreement for the initial $9 million part of the total commitment.
The Series C funding is being provided by Zachry and Carl Berg, who are existing investors, and Northwater Capital Management, BP, PVS Chemicals and ConocoPhillips.
The new plant will demonstrate the commercial viability of capturing CO2 and reusing the gas. It is to commence operations in 2014 and will capture 83,000 ST annually and offset 220,000 ST. Skyonic's SkyMine technology for electrolytic carbon capture is designed to remove CO2, heavy metals and acid gases from flue gas emitted by cement plants. The captured carbon then undergoes a recycling process and is converted into sodium bicarbonate, hydrochloric acid, and other re-usable products. The technology is energy-efficient and uses low-cost chemical inputs to produce high-value chemical outputs. It captures the CO2 in the form of a stable solid that facilitates safe and easy storage. When compared to other technologies, the SkyMine technology is expected to be cost-effective.
The City of San Antonio will be providing the required utilities. The groundbreaking for the plant at Capitol Aggregates in San Antonio is to be done this summer and the construction costs will be borne by the new funding. Skyonic will also utilize the funds for research and development activities and improve its green carbon chemistry solutions.
Source: http://skyonic.com/
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