Calgary startup Carbonova has raised an oversubscribed $6 million equity round for its technology that turns greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials.
The University of Calgary spin-off 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, and included Natural Gas Innovation Fund NGIF Capital as well as participation from the company’s directors, management, and staff team.
This funding adds to last years previously announced $2.5 million from Sustainable Development Technology Canada (SDTC) and the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
“Carbonova’s vision is to create everyday essentials from everyday emissions for everyone on earth, and with this financing, we are on track to complete the design of our first-of-a-kind commercial demo unit to put our vision into action,” said Mina Zarabian, Carbonova’s CEO and Co-Founder.
“We have investors and customers from the wide spectrum of the carbon value chain validating the strong pull from the market for transitioning to this recycling of carbon to enhance the building blocks of virtually everything in modern society”.
Carbonova currently produces carbon nanomaterials for customers at a pilot facility at the company’s headquarters in northeast Calgary. 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.
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