ConocoPhillips, BP back Texas carbon capture firm
AUSTIN, Texas — Carbon capture technology firm Skyonic Corp. announced it has raised $9 million in funding to support construction of the nation’s first commercial-scale carbon capture and utilization facility.
The Austin, Texas-based company says the plant will demonstrate the viability of capturing and reusing carbon dioxide as a profitable commercial-scale venture.
ConocoPhillips, BP, Northwater Capital Management and PVS Chemicals are participating in the Series C funding, joining existing investors Carl Berg and Zachry Corp.
Located at a cement plant in San Antonio, the facility will capture 83,000 short tons and offset an additional 220,000 short tons of CO2 annually once it is operational in 2014.
Skyonic’s electrolytic carbon capture technology will selectively remove carbon dioxide, acid gases and heavy metals emitted from the cement plant’s flue gas streams and recycle it into hydrochloric acid, sodium bicarbonate and other byproducts.