2023 was one of the worst years showing the detrimental effects of global warming. In Q4 2023, it became clear that the demand for direct air capturing (DAC) was at a pivotal stage. Many startups specialising in this segment are gaining traction with investments. While we saw NeoCarbon and Noya raise investments, it’s time for the German startup Greenlyte Carbon Technologies, which works mission to develop a low-cost, robust Direct Air Capture technology.
Growth and development plans
Now, Greenlyte Carbon Technologies has closed a €10.5 million pre-series A funding round. The investment came from Earlybird Venture Capital (backed QuantumDiamonds and randevu.tech), Green Generation Fund, Carbon Removal Partners, Board member Dr. Udo Jung, and Partech, who joined the investor group. With this round, the German startup has now raised over €20 million.
The round follows strong commercial traction in the form of partnerships and high-value offtake agreements. In addition, Greenlyte won two grants from the European Fund for Regional Developments.
Efficient CO2 removal
Founded in 2022 by Florian Hildebrand, Dr. Niklas Friederichsen, and Dr. Peter Behr, Greenlyte specialises in a direct air capturing system that efficiently removes CO2 from the atmosphere. It does this with a liquid-sorbent solution with minimal energy and producing hydrogen as a byproduct.
The process can be integrated with renewable energies and does not rely on high heat or pressure. The generated CO2 and hydrogen can then be used as feedstock for chemicals, construction materials, and alternative fuels, or to create negative emissions.
Florian Hildebrand, CEO and co-founder of Greenlyte, shared: “With the new funds, we will be able to grow our team from 30 to 50 people, allowing us to perform technology development and deployment in parallel with our expedited go-to-market, accelerate our scaling, and drive down costs more rapidly. The round is proof of our ambition to build a global DAC champion fast.”
Dr. Hendrik Brandis, Earlybird Co-Founder and Partner lends support, said: “Greenlyte’s swift progress and ability to secure over €20 million in such a short period of time is a clear indicator of the market’s trust in their offering. We are convinced that their DAC technology will make a real difference in the world and are proud to continue supporting Greenlyte’s team in advancing DAC technology.”
Janna Ensthaler, Green Generation Fund Co-Founder and Partner said: “As early endorsers, we at Green Generation Fund are thrilled to support Greenlyte´s exceptional team and its groundbreaking DAC technology. Florian, Niklas & Peter have combined scientific expertise, can-do spirit, and operational excellence since day one.”
Max Zeller, Co-Founder and Partner at Carbon Removal Partners commented: “Greenlyte Carbon Technologies (GCT) is among the strongest teams globally when it comes to developing and implementing Direct Air Capture technology. This fact is underlined by GCT’s outstanding market traction and the new funding is a pure translation of the company’s increased ambition to develop and scale faster.”
Romain Lavault, General Partner at Partech added: “It is a very rare occurrence in the life of an investor to meet a team that combines deep tech expertise, scale-up know-how, and the ability to execute extremely quickly. The progress I have witnessed at Greenlyte reminds me of the early days of SpaceX, with this combination of pragmatism, determination, and ambition. I am excited to join the board of Greenlyte and assist Florian, Niklas, and Peter in building the undisputed leader of Carbon Capture.”
