The funding will provide for the continued development of Skyonic’s SkyCycle technology toward commercialization.
While current industry estimates place the cost of carbon capture between $150 and $450 per ton, SkyCycle uses a thermolytic chemical reaction to capture carbon dioxide emissions at costs estimated to be between $16 and $25 per ton, significantly lower than industry averages.
The process converts the CO2 emissions into a wide variety of products, including hydrochloric acid and calcium carbonate, also known as limestone, which can be used to make glass, paper, cement, paint, PVC pipe and other products.
This current funding joins the recently announced $500,000 CAD grant from the Climate Change and Emissions Management Corporation to bring the SkyCycle to pilot scale at the Capitol SkyMine San Antonio site by late 2015.