UP Catalyst, a pioneer in sustainable carbon material production directly from CO2 emissions, successfully closed a €4 million seed investment round to advance its ground-breaking technology.
The round was led by Berlin-based climate tech VC fund Extantia and supported by Estonia’s state fund SmartCap, along with the continued participation of existing investors Sunly, Little Green Fund, Scottish Baltic Invest and UniTartu Ventures.
The funding took place amidst China’s announcement of graphite export curbs that has added urgency to the quest for local battery raw material alternatives. This is particularly crucial given that Europe currently depends on graphite imports for 99% of its supply. With the funding, the company will build an industrial pilot reactor capable of processing 100 tons of CO2 annually and producing 27 tons of carbon materials, making UP Catalyst the largest provider of green graphite in the world.
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SCALE UP WITH WOLVES AND EUROPEAN CVC AWARDS
26 March 2024, Spielfeld Digital Hub, Germany + online
WOLVES SUMMIT CEE
8-9 May 2024, Copernicus Science Centre, Warsaw, Poland + online