Tallinn-based climate tech startup UP Catalyst, which produces carbon nanomaterials and graphite from CO₂ emissions, has raised €18 million to accelerate raw material production.
- Gary Urb and Kätlin Kaare launched UP Catalyst in 2019. It converts CO₂ emissions into carbon nanotubes and graphite for applications in electric car batteries, concrete, and biomedicine, all powered by renewable energy.
- The company uses Molten Salt Carbon Capture and Electrochemical Transformation (MSCC-ET) technology to turn CO₂-rich industrial flue gases into valuable carbon materials.
- UP Catalyst’s process is fueled by wind, solar, and hydro energy, contributing to a sustainable, low-carbon economy.
- In August 2024, UP Catalyst secured €2.36 million from Warsaw Equity Group and SmartCap to develop an industrial pilot reactor capable of processing 100 tons of CO₂ annually.
Details of the deal
- The round was backed by the European Investment Bank (EIB), the EU's lending arm. The EIB finances sustainable projects through loans, guarantees, and expertise to support EU policies and investments across Europe.
- UP Catalyst will use the recent funding to scale up molten salt electrolysis technology, increasing production to 270 tonnes of carbon nanotubes and 1,350 tonnes of graphite annually. This supports their goal of producing 60,000 tonnes of graphite annually by 2030.
