INSIGHTS / News

The University of Southampton spin-out has successfully closed a £3m seed-funding round led by EQT Ventures.

The global chemicals industry is worth an estimated 5 trillion dollars and finds itself heavily reliant on fossil fuel-derived petrochemicals. To ensure that efforts meet the terms laid out in the Paris Agreement, global emissions need to fall by 45% by 2030 and reach net zero by 2050.

Following participation in the Innovation to Commercialisation of University Research (ICURe) programme in 2020, ViridiCO₂ has been working to develop technology to convert wasted carbon dioxide into chemical products like surfactants and plastic/polymer feedstocks. This technology is transformative for the industry, dramatically reducing its dependence on petrochemicals whilst also reducing costs and allowing for the creation of carbon-negative products.

ViridiCO₂ utilises solid catalyst technology to activate CO₂ captured in the manufacturer’s waste flue gas streams. With this novel system, the traditionally stable chemical compound can be used in the same way as damaging petrochemicals, without environmental damage.

Speaking on the power of this technology, Daniel Stewart, co-founder and CEO of ViridiCO₂, stated: “ViridiCO₂is focused on assisting the chemicals industry to decarbonise by putting the 7 billion tonnes of industry waste CO₂ to good use, creating sustainable products, and a new income source.”

“In the face of climate change, businesses have realised that sustainability is the fulcrum of their corporate strategy, rather than an add-on – our technology truly helps these heavy emitting manufacturers transition towards a circular economy, reduce scope 1, 2 & 3 emissions and enable the first ‘carbon-positive plastics’ to hit the market.”

Ali Mitchell, a partner at EQT Ventures, said: “We look to back generation-defining companies and ViridCO₂ has the potential to accelerate the energy transition of a whole industry. Daniel and his team have invented a revolutionary solution to convert waste CO₂ into high-value chemical products, plastics and essential items that are still needed in the world today. They have created a solution that is a true win-win for businesses and the world.

“Being a Southampton alumnus myself, it is great to see such a game-changing company with the technology and potential to transform the sector and the world spinning out of one of the UK’s top universities. I look forward to supporting Daniel and his team to accelerate the development and commercialisation of the tech and revolutionise the way the world utilises waste CO₂.”