ESG Today reports that Estonia-based UP Catalyst produces sustainable carbon made from Molten Salt Carbon Capture and Electrochemical Transformation technology, using CO2-rich gases from heavy industries. Because the sustainable carbon production process is powered with renewable energy, the company's activity is actually carbon negative.
The 4 million euros financing will help the company build a reactor that can convert CO2 emissions into graphite, an important component of more durable and energy-dense batteries for applications such as EVs.
Experts at UP Catalyst expect the reactor to be able to process some 100 tons of CO2 per year, generating around 27 tons of carbon material, which could make the company one of the largest graphite makers on the planet. China currently produces almost 80% of the world's natural graphite, being the largest source of the material, while refining over 90% of Earth's graphite production.
Gary Urb, CEO of UP Catalyst, said that the funding "brings us one step closer to empowering 4 million car batteries with graphite sourced from CO2 emissions by 2030. This carbon supply can cover approximately 20% of the EV battery market’s yearly carbon need in Europe."