Tag: Skyonic

Skyonic Secures $12.5 Million to Develop its Carbon Capture Technology

imgres-2Austin-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.

Skyonic Receives $9 Million to Create a Carbon Capture Plant

Austin-based Skyonic Corp. received $9 million of a $35 million investment for a carbon capture and utilization plant in the U.S.
Investors included Northwater Capital Management, ConocoPhillips, PVS Chemicals, Carl Berg and Zachry Corp. in the Series C funding.
The company plans to use the fund to build the plant this summer and for research and development and company operations.
“Skyonic’s green carbon chemistry technologies present a cost-effective solution to a problem that many industries have struggled with for years: emissions,” Frank Egan, Managing Director at Northwater, said in a statement.

Skyonic’s lab in San Antonio

Located at San Antonio-based Capitol Aggregates, the facility will capture 83,000 short tons and offset an additional 220,000 short tons of CO2 annually once it is operational in 2014.
“Skyonic’s electrolytic carbon capture technology, SkyMine®, will selectively remove CO2, acid gases, and heavy metals emitted from the cement plant’s flue gas streams and recycle it into hydrochloric acid, sodium bicarbonate and other byproducts,” according to the company. The City of San Antonio will provide utilities for the plant.

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