Carbon Utilisation Startup 'Again' Raises $43 Million to Accelerate Green Chemical Production
Carbon utilisation company Again has successfully secured $43 million in a Series A funding round co-led by GV and HV Capital. The startup, a result of collaborative research at the Danish Technical University, Stanford, and MIT, focuses on revolutionizing the petrochemical industry by transforming industrial CO₂ into sustainable green chemicals. Unlike conventional carbon capture and storage methods, Again employs bioproduction processes to ferment CO₂ with hydrogen, akin to the production of beer, generating eco-friendly chemicals sold at competitive prices.
Again's technology is actively functioning at its Denmark facility, where it converts CO₂ into acetate, a fundamental chemical used across multiple industries, significantly cutting emissions by up to 80%. Moreover, the company strategically positions its facilities alongside industrial partners to minimize CO₂ transport and offers a compact pilot module for on-site testing.
Key Takeaways
- Again secures $43 million in Series A funding.
- Pioneers technology to decarbonize the petrochemical industry using bioproduction processes.
- Converts CO₂ into commercial-grade chemicals, reducing emissions by up to 80%.
- Strategically co-locates facilities with industrial partners to minimize CO₂ transport.
- Plans to upscale production capacity and advance R&D for novel chemical products.
Analysis
The $43 million Series A funding obtained by Again underscores the burgeoning market for carbon utilisation technologies. This investment strengthens Again's potential to expand its operations and research, potentially expediting the decarbonization of the petrochemical sector. The revolutionary bioproduction process employed by the company in converting CO₂ into green chemicals positions it to disrupt conventional petrochemical production methods. In the short term, this could lead to enhanced market competitiveness and expanded production capabilities. In the long term, Again's innovations may significantly reduce emissions and reshape global supply chains in industries dependent on petrochemicals. Early involvement by investors and industrial partners can yield substantial benefits, while competitors may face mounting pressure to innovate or collaborate with carbon utilisation specialists.
Did You Know?
- Carbon Utilisation: This encompasses the process of converting carbon dioxide (CO₂) into valuable products, such as chemicals, fuels, or materials, as opposed to merely capturing and storing it. Beyond reducing atmospheric CO₂ levels, this method creates new economic opportunities and contributes to a circular economy.
- Bioproduction Processes: These involve the use of biological organisms or enzymes to convert raw materials into products. In the context of Again's technology, bioproduction simulates the beer-brewing process by fermenting CO₂ with hydrogen to produce green chemicals without emitting additional CO₂, a more sustainable and environmentally friendly alternative to traditional chemical synthesis.
- Decarbonization of the Supply Chain: This refers to efforts aimed at diminishing or eliminating greenhouse gas emissions throughout all stages of the production and distribution process, spanning raw material acquisition, manufacturing, transportation, and product utilization. Companies like Again aim to achieve this by integrating carbon utilisation technologies to convert CO₂ emissions into usable products, thereby reducing the overall carbon footprint of the supply chain.