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Carbonova Corp. Raised $6 Million to Produce Sustainable Materials from Greenhouse Gas Emissions

📅 Date:

🔖 Topics: Funding Event, Materials Science

🏢 Organizations: Carbonova, Kolon Industries

Carbonova Corp., a start-up that aims to turn greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials, announced that it has successfully closed its SAFE equity financing in an oversubscribed round with $6 million raised. The Company intends to use the net proceeds from the financing to advance its strategy towards building the first commercial demonstration carbon nanofibers unit in Canada.

The financing round was led by Kolon Industries, a multi-billion-dollar Korean conglomerate. Kolon has a keen interest in Carbonova’s technology applications in Asia, including batteries, plastics, and other materials. Another major participant in this round was the Natural Gas Innovation Fund NGIF Capital, a venture capital firm focused on innovative technologies for improving the environmental performance of existing or renewable natural gas and hydrogen production. This round also saw strong participation from the company’s directors, management, and staff team.

Carbonova currently produces carbon nanomaterials for customers at a pilot facility at the company’s headquarters in northeast Calgary, Alberta. The commercial demonstration expansion will result in unit production cost efficiencies and is forecast to reduce the CO2 footprint of the carbon nanomaterials to below net-zero.

Read more at PR Newswire