The Estonian company offers a sustainable solution to meet the growing global demand for battery-grade graphite and carbon nanomaterials.
UP Catalyst, a producer of battery material production directly from CO2 emissions, has closed a €2.36M seed extension round. This follows the initial seed round raised last December which amounted to €4 million, bringing the total seed funding to €6.36 million.
The funding will accelerate the construction of its first-of-a-kind industrial production unit. With this investment, the company hopes expedite the development of an industrial pilot reactor with the aim of processing 100 tons of CO2 annually, yielding 27 tons of advanced carbon materials such as graphite and carbon nanotubes. The technology built on molten salt electrolysis not only aims to achieve price parity with traditional carbon sources but also significantly reduces the carbon footprint associated with raw material production.