Austin-based Skyonic Corp. announced last week that it has landed another $12.5 million in funding.
The company, which creates carbon capture technology, received the funding from existing investor, ConocoPhillips and from new investor Enbridge of Canada.
Skyonic plans to use the money to further develop its technology, called SkyCycle, which uses thermolytic chemical reactions to capture carbon dioxide emissions. It then converts the CO2 emissions into other products such as hydrochloric acid and limestone.
The company is building a plant in San Antonio, which is expected to be operational in October.
“Stationary emitters are facing a lot of uncertainty right now, with new, stricter EPA regulations expected to be proposed next month,” Joe Jones, Skyonic founder and CEO said in a news release. “As emissions regulations continue to develop over the next several years, SkyCycle can help the industry to evolve with them.”
Skyonic, founded in 2005, has raised a total of $143.5 million to date, according to its Crunchbase profile.