Tallinn-based climate tech startup UP Catalyst, which produces carbon nanomaterials and graphite from CO₂ emissions, has secured €2.36 million to develop an industrial pilot reactor capable of processing 100 tons of CO₂ annually.
- Founded in 2019 by Gary Urb and Kätlin Kaare, UP Catalyst produces carbon nanotubes and graphite from CO₂ emissions, providing a secure supply chain for applications such as electric car batteries, concrete, and biomedicine, all powered by renewable energy in the EU.
- The startup uses Molten Salt Carbon Capture and Electrochemical Transformation (MSCC-ET) technology to create sustainable carbon materials from CO₂-rich flue gases produced by heavy industry emitters, powered by wind, solar, or hydro energy.
Details of the deal
- Warsaw Equity Group, a Warsaw-based private equity firm, supported the investment. The firm backs startups in a range of sectors, including big data, IoT, additive manufacturing, cybersecurity, simulations, robotics, AR/VR, environmental technology, and climate technology. Their investments typically range from €4 million to €15 million. Additionally, SmartCap, an Estonian venture capital firm, also joined the round.
"Supporting UP Catalyst aligns perfectly with Warsaw Equity Group's mission to invest in ground-breaking technologies that combat climate change. Turning industrial CO2 emissions into critical carbon-based raw materials that we are severely lacking in Europe is a game changer," Investment Manager at Warsaw Equity Group, Arvin Khanchandani, commented.
- With the new funding, UP Catalyst plans to develop an industrial pilot reactor capable of processing 100 tons of CO₂ annually and producing 27 tons of advanced carbon materials. This facility will use molten salt electrolysis technology to reduce its carbon impact and will feature a production capacity ten times greater than the current setup.
