What when you may flip all of the unhealthy emissions from fossil fuel-intensive industries into plastics, paints and extra? That’s the dream behind Copenhagen-based local weather tech startup Once more, which has raised $43 million in Collection A funding from Google Ventures (the enterprise arm of Google dad or mum Alphabet) and HV Capital, Fortune completely reveals.
The corporate will use the funds to commit extra assets to researching meals and feed merchandise that may be product of carbon dioxide.
Cofounder Max Kufner informed Fortune that the corporate plans to roll out its first operations by the tip of 2025 or early 2026 on the newest.
Once more’s know-how pumps carbon dioxide that will in any other case be launched into the environment into bioreactors. Micro organism then convert this carbon into worthwhile merchandise used to make plastics, paints, and soaps.
Refining petroleum to extract completely different chemical substances is answerable for 4% of the world’s direct greenhouse fuel emissions, or about 1.8 gigatonnes of carbon dioxide, making the petrochemicals trade the third most polluting on this planet.
COURTESY OF AGAIN
Once more has raised about $100 million up to now, partly from a European Union grant and partly from enterprise capital funding. The corporate acquired a $10 million injection from GV, ACME Capital and Atlantic Labs to arrange a manufacturing web site.
Based in 2021, the corporate was born from a analysis undertaking developed over 10 years on the Danish Technical College, Stanford, and MIT. That gave Once more a leg up when it launched, as a lot of the educational curve of creating the know-how had been crossed, making it simpler to construct the corporate and give attention to scaling up.
Torbjørn Jensen and Alex Nielsen, teachers concerned within the analysis, later turned cofounders at Once more, together with early-stage investor Kufner.
Local weather tech has expanded 45 instances within the final decade, based on Dealroom. However as international temperatures and excessive climate occasions proceed rising, there’s nonetheless a necessity for considerably extra.
Once more’s know-how helps remedy one in all local weather know-how’s greatest boundaries—the power to scale it. One of many greatest challenges with fashionable local weather tech corporations is that they’re making an attempt to seize carbon dioxide from the environment, flip it into a really small type and pump it again into the earth, Kufner explains.
Jensen informed Fortune that the method of capturing and changing carbon dioxide effectively is what makes Once more stand out.
“We’re principally cleansing up the emissions and we simply so occur to additionally produce an excellent worthwhile product on the similar time,” he mentioned. “But it surely must be low-cost, it must be strong, it wants simply to function 24/7 all 12 months spherical.”
