Climate-tech pioneer Skytree — and its innovative, award-winning CO2 capture and reutilization solutions — has been selected to receive €2.5 million (≈ USD $2.68 million) in European Innovation Council (EIC) Accelerator funding. The non-dilutive grant brings the total funds raised by Skytree in 2023 to €13 million. In addition, the EIC Accelerator commits to participate in the company’s next funding round, a Series A scheduled for Spring 2024.
Part of the Horizon Europe program created to increase Europe’s competitiveness in science and innovation, the EIC Accelerator provides start-up and scale-up companies with the support needed to advance technologies and bring breakthrough innovations to market.
Skytree emerged as one of the leading 47 companies overall — one of four from the Netherlands — out of 648 submissions for funding. The Netherlands Enterprise Agency (RVO) and Zaz Ventures assisted Skytree during the highly competitive submission, which included a rigorous evaluation process involving experienced investors, scientists and entrepreneurs.
“The EIC funding award recognizes the great potential of Skytree’s DAC technology,” said Rob van Straten, Skytree CEO. “As we prepare to ship the first Skytree DAC units to customers in Europe and North America early next year, we are honored to have been recognized by the EIC and are grateful to team IRIS from RVO for their support during the process. We look forward to leveraging the additional capital to accelerate our product development and commercialization roadmap.”
Skytree’s proprietary DAC technology captures CO2 from ambient air. The company’s first commercially available modular unit, Skytree Cumulus, will enable controlled environment agriculture (CEA) businesses to generate their own CO2 on-site and combat climate change by eliminating reliance on fossil fuel-based CO2. The 2023 GreenTech Innovation & Concept Awards Category Concept winner, Skytree Cumulus is shipping in early 2024.
Image courtesy of Skytree.