Calgary-based cleantech startup Carbonova, which aims to convert greenhouse gas (GHG) emissions into carbon nanofibres for everyday essentials, has closed $6 million in funding.
The financing, raised via a simple agreement for future equity, was led by Korean chemical and textile manufacturer Kolon Industries with support from Ottawa’s Natural Gas Innovation Fund Capital, a cleantech-focused venture firm. Carbonova did not classify the round. According to Carbonova, Kolon sees room to apply its tech to batteries, plastics, and other products in Asia.
“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.”
Mina Zarabian, Carbonova
Currently, Carbonova produces carbon nanomaterials for customers at a pilot facility in Calgary. Carbonova plans to use this funding to build its first commercial demonstration plant.
“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,” Carbonova co-founder and CEO Mina Zarabian said in a statement.
Founded in 2018, Carbonova claims that its patent-protected process involves converted GHG feedstocks like methane and carbon dioxide into sustainable, affordable, quality solid carbon nanomaterials that can be used in plastics, batteries, and construction materials to help improve the performance and reduce the carbon footprint of common products.
According to The Globe and Mail, carbon nanofibre is sought after due to its strength and versatility, as it is 40 times stronger than steel and a quarter of its weight, and can be applied to paints, lubricants, electronic components, sporting goods, and metal alloys.
According to Zarabian, Carbonova’s new facility will produce “multiple hundreds” of kilograms of carbon nanomaterials daily capable of generating thousands of sustainable end products and serving dozens of customers looking to bring sustainable offerings to market. Carbonova claims that this expansion will help bring down its production costs and the CO2 footprint of its carbon nanomaterials to below net zero.
This latest capital builds on the $2.5 million Carbonova previously secured in February 2023 from two federal government agencies, the now-embattled Sustainable Development Technology Canada and the National Research Council of Canada’s Industrial Research Assistance Program.
Feature image courtesy Emissions Reduction Alberta and Carbonova. Photo via YouTube.