Again, a Danish climate tech startup, which turns carbon dioxide into valuable chemicals, has raised $43 million in Series A funding. The investment round was co-led by Google Ventures (which invested in ClimateX and StatusPRO) and HV Capital.
Kompas VC, EIFO – Denmark’s Export and Investment Fund, ACME Capital, and Atlantic Labs also participated in the round. With this round, the total funding raised by Again accounts for $100 million, including a $47 million Horizon Europe grant for the PyroCO2 project.
The new funding will be used to build additional facilities to combat the climate crisis at scale. It will be used to build additional production capacity to deliver green chemicals to customers, and R&D to expand Again’s product portfolio and bring more molecules to market.
Roni Hiranand, Principal at GV said: “We have been highly impressed with the company’s ability to develop and deploy the core technology so effectively into valuable, market-ready products so we were delighted to co-lead Again’s Series A round after previously backing them. While other sectors have found short-term pathways to mitigating emissions, large segments within the industry still need to achieve the same level of momentum. Again aims to become the leading carbon transformation and utilisation company by leveraging microbiology for the production of green chemicals.”
Jan Miczaika, Partner at HV Capital, said: “Again is a once-in-a-generation company that has the technology to solve a major problem, decarbonizing the petrochemical industry, and the commercial plan to be able to scale this technology. We’re excited to be a part of this journey with them.”
How was the idea born?
Unlike carbon capture storage (CCS) companies which capture CO2 and store it away, Again is a carbon utilisation company, taking industrial CO2 and turning it into products.
The startup was born out of research developed over 10 years by Dr. Torbjørn Jensen and Professor Alex Nielsen at DTU, Stanford and MIT. Former early-stage investor Max Kufner completes the founding team, which launched Again in 2021 to build a scalable solution to tackle the climate crisis.
What does the company do?
Again uses bioproduction processes to create the future of chemical manufacturing. It takes waste CO2 and feeds the gas straight into its bioreactors, where it is fermented with hydrogen, akin to the process of brewing beer. This results in emission-free and commercial-grade chemicals which are sold to its customers at a market-competitive price.
This technology is already working at Again’s first carbon utilisation facility in Denmark, which is converting CO2 into acetate, the base chemical for adhesives, solvents, plastics, textiles and cosmetics, and reducing emissions by up to 80%.
Again co-locates its facilities with industrial emission partners and sources the CO2 directly onsite to minimise CO2 transport. It’s first facility integrates with a CO2 source from an industrial wastewater treatment plant. In parallel to commercial project development, Again offers a cargo-container-sized pilot module for onsite testing of the technology with prospective industrial partners.
By creating this plug-and-play solution, the company is not only decarbonizing feedstocks by replacing fossil fuels with CO2 but also enabling customers to shore up their supply chain resilience by reducing the need to import chemicals from across the world.
Dr. Torbjørn Jensen, co-founder at Again, said: “Again is the world’s first carbon-negative chemical manufacturer that can scale to meet global demand. Whilst other companies are struggling to make carbon capture scaleable, we have the means to not only capture waste CO₂ but turn it into useful products to fully decarbonise the supply chain. We have ambitious plans ahead and this funding is critical to help us reach the next stage in our mission.”
Max Kufner, co-founder at Again, said: “Again is transforming one of the world’s most polluting industries, at no extra cost to customers, at our plant in Denmark and we’re excited to build on this for our next facility. This will help global companies reduce emissions through recycling and improve supply chain resilience through Again’s virtuous cycle. We’re delighted that GV is doubling down on its investment in Again and to welcome HV Capital to the team – their support will be invaluable to Again as we grow in our aim to combat the climate crisis at scale.”
What do we think about Again?
The Danish climate tech startup, turns industrial CO2 into valuable chemicals through bioproduction processes. Using its innovative technology, which includes onsite CO2 conversion facilities, Again reduces emissions by up to 80%. With plans to scale its operations and expand its product portfolio, Again has the potential to revolutionise the petrochemical industry and significantly impact the climate market.
