Skyonic Corporation, a US-based carbon-negative chemistry company, has secured a total of $128m in series C round funding, including equity investments from new investors Canada-based oil company Cenovus Energy, venture capital firm BlueCap Partners, Thailand-based engineering company Toyo-Thai Corporation Public Company Limited, and Energy Technology Ventures, a joint venture involving General Electric, NRG Energy, and ConocoPhillips. Cenovus’ investment of $2.5m was made through its corporate venturing subsidiary, the Cenovus Environmental Opportunity Fund.
Previous investors joining the C round include Berg & Berg Enterprises, Northwater Capital Management, ConocoPhillips, BP Ventures, PVS Chemicals, and Zachry Corporation.
These investments bring total C-round equity investments to $48m, including $9m announced in July 2012. Skyonic also secured loan financing of $80m from Apollo Investment Corporation and Maxus Capital Group.
The C round funds, together with a $28m grant from the US Department of Energy’s National Energy Technology Laboratory, will be used to construct the Capitol SkyMine in San Antonio, Texas, a commercial-scale carbon capture and mineralization plant. The funds will also help support the advancement of Skyonic’s global IP portfolio and other research, development and operations expenses.
Joe Jones, founder and chief executive officer of Skyonic, said: “The Capitol SkyMine plant will mark the first time that carbon-negative chemistry has reached the commercial stage. Our unique, patented process means that emission problems can become emission profits. The carbon-negative products produced, which include sodium bicarbonate and hydrochloric acid, will displace the carbon-positive products currently sold. This is a crucial step towards a cleaner global manufacturing industry.”