Greenlyte Means Go: Speedy €10.5M Funding For Its Direct Air Capture System

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Greenlyte Carbon Technologies, a very promising up-and-comer in direct air capture carbon removal, has received €10.5 million in a pre-series A round of funding with participation of Earlybird, Carbon Removal Partners, Partech, and others. With this funding, the company has now raised €20 million in combined equity and grants since it was founded in September 2022.

How? The company’s pioneering direct air capture (DAC) technology system builds on 15 years of research to efficiently remove CO2 from the atmosphere using a liquid-sorbent solution with minimal energy, producing hydrogen as a byproduct. Unlike many other carbon dioxide removal (CDR) technologies like biochar, which rely on high heat or pressure to extract and store CO2, Greenlyte’s process is low-energy and can be integrated with renewable energy. The generated CO2 and hydrogen can then be used as feedstock for chemicals, construction materials, and alternative fuels, or to create negative emissions.

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Greenlyte’s innovative approach is being taken seriously by investors. Janna Ensthaler, Green Generation Fund Co-Founder and Partner, said, “As early endorsers, we at Green Generation Fund are thrilled to support Greenlyte’s exceptional team and its groundbreaking DAC technology. [Founders] Florian, Niklas & Peter have combined scientific expertise, can-do spirit, and operational excellence since day one.”

Beyond Greenlyte, DAC is getting picked up around the world. There are now over 500 companies dedicated to the technology, with 15 operational plants worldwide. These companies are looking to cut costs for the still expensive process. Greenlyte’s rapid growth could have something to do with integrating scalability into its renewable-forward technology. The company aims to achieve CO2 capture costs well below €100 per ton as part of its plan. With global companies struggling to keep up with fuel emissions goals, a lower cost CDR solution is being taken more seriously.

Florian Hildebrand, CEO and co-founder of Greenlyte, said,

“2023 was one of the worst years, showing the detrimental effects of global warming. In Q4 2023, it became clear that the demand for DAC was at a pivotal stage.

With the new funds, we can grow our team from 30 to 50 people, allowing us to perform technology development and deployment in parallel with our expedited go-to-market, accelerate our scaling, and drive down costs more rapidly. The round is proof of our ambition to build a global DAC champion fast.”

Zooming out, CEO and co-founder Florian Hildebrand has said his company wants to be part of a greater shift in how companies use carbon, removing CO2 and hydrogen from air and water, instead of digging for it in the ground. Greenlyte’s approach could also create new markets for hydrogen, a sustainable aviation fuel. Buckle up for more rapid DAR fundraising to come.

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