Skyonic Corp., an Austin-based carbon-capture technology company, has secured $12.5 million in funding from ConocoPhillips (NYSE:COP) and Enbridge (NYSE: ENB) to develop Skyonic's carbon capture technology and make it commercially available. The financing joins the recently announced $500,000 grant from the Climate Change and Emissions Management Corporation to bring the SkyCycle(TM ) technology to pilot scale by late 2015.
Skyonic estimates that the cost of carbon capture is between $150 and $450 per ton. In addition, the SkyCycle(TM) technology is estimated to be between $16 and $25 per ton.
SkyCycle(TM) technology uses a thermolytic chemical reaction to capture carbon dioxide emissions. The process converts carbon dioxide emissions into hydrochloric acid and calcium carbonate, also known as limestone, which can be used to make glass, paper, cement, paint, and other products.
"Skyonic's ability to efficiently capture CO(2) and transform it into commercially viable products is an attractive opportunity that supports our commitment to sustainable development," said George Coyle, ConocoPhillips Technology Ventures Investments manager.
The technology is a post-combustion technology able to capture approximately 94 percent of carbon dioxide emissions.
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