AUSTIN, Texas, 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV