The climate technology company’s innovations transform carbon dioxide and water into sustainable platform molecules for use in agriculture, energy and transportation.
        RICHLAND, Wash. , Nov. 15, 2023 /PRNewswire/ — Carbon conversion startup OCOchem has raised $5 million in venture funding from leading investors. INPEX Corp. also took part in the round. (IPXHF.NaE), LCY Lee Family Office and MIH Capital Management. Investors join Halliburton Labs, Halliburton’s (NYSE: HAL) energy and climate technology accelerator, supporting OCOchem’s expansion beginning in 2021.
        Using its proprietary technology, the Richland, Washington-based company is commercializing a new method for electrochemically converting recycled carbon dioxide (CO2), water and clean electricity into formic acid and formates, thereby creating versatile carbon-neutral platform molecules. A wide range of essential chemicals, materials and fuels traditionally made from fossil fuel-based hydrocarbons can now be made in a more sustainable and cost-effective manner using this building block molecule.
        OCOchem will use the newly raised funds to scale up its modular carbon conversion technology to industrial scale and establish a pilot plant for commercial demonstration operations. Industrial, energy and agricultural producers can purchase formic acid and formate salts produced using OCOchem’s technology to reduce the carbon intensity of everyday products, from feed and fiber to fuel and fertilizer, at the same or lower cost than similar products made from petrochemicals.
        “Using OCOchem technology and clean electricity, we can now do what plants and trees have done for billions of years – use clean energy to convert carbon dioxide and water into useful organic molecules. But unlike photosynthesis, we can move faster, use more land.” “more efficiently and at a lower cost,” said OCOchem co-founder and CEO Todd Brix. “
       Joshua Fitoussi, Managing Partner of TO VC, said: “We are thrilled that electrochemistry is ushering in a new industrial paradigm as the cost of renewable energy continues to fall. Ultimately, we can create a circular carbon economy, where recycled CO2 becomes a product that can be produced more easily and the most cost-effective feedstock for countless chemicals vital to the global economy. OCOchem is at the forefront of this change, redefining the way CO2 is viewed and producing important products from it. As a first product, green formic acid is a very interesting molecule because it has many applications in existing agricultural and industrial markets, as well as future CO2 and hydrogen storage and transportation markets. TO VC is proud to partner with OCOchem to achieve its mission of putting fossil fuels in the ground a reality.”
       In addition to investing in the company, INPEX, Japan’s largest oil and gas exploration, development and production company, has partnered with OCOchem to evaluate collaboration opportunities using the company’s technology to transport carbon dioxide and clean hydrogen.
        “Using renewable energy, OCOChem technology converts water and carbon dioxide into formic acid, which is stable under environmental conditions. Formic acid can also be converted into useful carbon and hydrogen components with minimal energy input. This is important because the world can leverage existing global liquid distribution infrastructure to transport carbon dioxide and hydrogen as chemically bonded liquids at ambient temperatures and pressures, providing a safer and more cost-effective approach,” said New Business Development CEO Shigeru. Thode from INPEX.
        Brix says OCOchem not only converts carbon dioxide into something useful, but also reduces the additional energy costs and emissions associated with extracting fossil carbon from the ground, transporting it long distances and processing it at high temperatures and pressures. “In our targeted applications, replacing fossil carbon as a feedstock with renewable carbon can reduce global carbon emissions by more than 10% and make the production of essential chemicals, fuels and materials more local. Almost all products produced, consumed or used depend on carbon. Ready. The problem is not carbon, but carbon extracted from the geosphere, which upsets the carbon balance in the Earth’s atmosphere, oceans and soil. By taking carbon out of the air and capturing emissions, we can create a circular carbon economy that reduces emissions while producing the carbon-based products our world needs to thrive.”
        Brix said the support from a diverse global group of industry investors and partners is a strong endorsement of the broad applicability of OCOchem’s technology for decarbonization solutions across many industrial, energy and agricultural sectors. “Our goal is to get the world to accept our technology not only because it is more environmentally friendly, but also because it is a safer, healthier and more affordable option. This funding allows us to build our team, expand our technology and expand our partnerships to provide more businesses with cleaner, cheaper ways to reduce emissions.”
        OCOchem’s new technology helps decarbonize the world by producing products using recycled captured carbon and water instead of extracted fossil fuels as the source of carbon and hydrogen. The company’s modular carbon conversion plant, called the OCOchem Carbon FluX electrolyser, can be built and deployed at any scale.
        OCOchem is a clean technology startup commercializing its patented technology for electrochemically converting carbon dioxide and water into sustainable molecules that can then be used to produce other lower-cost, cleaner chemicals, fuels and materials, including clean, distributed hydrogen. OCOchem opened in late 2020 and operates its primary research and development laboratory and manufacturing operations in Richland, Washington. Last year the company built the world’s largest carbon dioxide electrolyser. For more information, visit www.ocochem.com.
        TO VC supports critical teams solving the world’s most pressing problems. TO VC is an early stage decarbonization venture capital fund investing in climate technology companies across food systems, energy systems and carbon removal. TO VC Managing Partners Arie Mimran and Joshua Fitoussi believe these are the three most powerful areas for innovation to achieve net-zero greenhouse gas emissions by 2050 and restore the balance between human and planetary health. TO VC believes that the biggest companies of the future will be climate companies, and the most attractive companies today are those with a mission to solve climate change. For more information, visit to.vc.
       View original content to download multimedia: https://www.prnewswire.com/news-releases/ocochem-raises-5-million-in-seed-funding-led-by-to-vc-301988495.html