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June 26, 2012 /PRNewswire/ -- Skyonic Corporation finalized the first
$9 million portion of a committed
$35 million investment into the company, intended to pilot a first-of-its-kind carbon capture and utilization plant in the U.S. that will demonstrate the viability of capturing and reusing carbon dioxide (CO2) as a profitable commercial-scale venture. Northwater Capital Management, ConocoPhillips (NYSE: COP), BP (NYSE: BP), and PVS Chemicals are participating in the Series C funding, joining existing investors
Carl Berg and Zachry Corporation. These funds will be used to support construction costs for the plant's groundbreaking this summer, advancement of its global IP portfolio of green carbon chemistry solutions, and other R&D and operations purposes.
"Northwater Capital Management is excited to support Skyonic's efforts in carbon mineralization," said
Frank Egan, Managing Director at Northwater. "Skyonic's green carbon chemistry technologies present a cost-effective solution to a problem that many industries have struggled with for years: emissions. We're excited to work with them in this first step towards a cleaner environment."
Located at Capitol Aggregates, Inc., in
San Antonio, Texas, 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, SkyMine®, will selectively remove CO2, 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. Skyonic estimates the Capitol SkyMine plant will capture CO2 at a substantially lower cost than competitive technologies. Utilities for the plant will be provided by the
City of San Antonio.
"PVS is pleased to be working with Skyonic, who share a strong commitment to minimize the environmental impact of industry," said
Scott Trussell President at PVS Chloralkali, Inc. "Skyonic's green carbon capture technologies present a scalable cost-effective solution for industry to reduce emissions."
SkyMine® is a profitable carbonate mineralization technology that produces beneficial re‐use products in a safe, efficient and profitable manner. The process achieves this goal using low-cost chemical inputs, producing high-value chemical outputs and operating at energy-efficient conditions. A major differentiator is that SkyMine® captures CO2 as a stable solid, making it easy and safe for storage.