Sunday, February 25, 2024

Microsoft-backed firm converts CO2 emissions into jet fuel

New York’s Dimensional Energy, a pioneer in cutting-edge carbon utilization technology, Sustainable Aviation Fuel (SAF) production, and advanced carbon emissions-derived fuels and materials, recently raised $20 million in series A funding for its CO2-to-chemicals technology.

The round was led by Envisioning Partners, a prominent Korean impact venture capital fund, and featured participation from industry giants such as United Airlines and Microsoft.

Dimensional Energy plans to make use of the funds raised to execute a number of key initiatives. These include the construction of the world’s first advanced power-to-liquid (PtL) fuels plant at a cement factory in British Columbia in partnership with Svante, the development of commercial power-to-liquid plants globally, and the introduction of consumer and business-to-business products such as fossil-free surf wax and cruelty-free fat alternatives for vegan food manufacturers.

Additionally, the company intends to leverage funding from the Department of Energy’s ARPA-E and SETO programs in technology advancements, focusing on the evolution of its proprietary reactor and catalyst technologies in collaboration with Oak Ridge National Laboratory and Cornell University.

Dimensional’s cutting-edge technology can transform carbon dioxide emissions into sustainable aviation fuel, renewable diesel, and a base synthetic paraffin that can be refined into over 6,000 everyday products. This technology can help to significantly reduce lifecycle emissions for hydrocarbon fuels by over 93%, according to a GREET Life Cycle Analysis.

Dimensional Energy’s process can seamlessly integrate into existing industrial facilities and provide a profitable carbon utilization pathway, making it a revolutionary solution to the global emissions challenge. By turning CO2 into fuels and everyday products that would otherwise be produced by newly extracted oil and gas, Dimensional Energy creates a unique opportunity for carbon capture to expand by providing onsite utilization of these emissions and decarbonizing difficult-to-decarbonize industries.

“As a technology company, we work with third parties to verify our performance, carbon intensity, and full life cycle analysis. The same needs to be true when it comes to other environmental and social equity claims. B Corporation status provides a framework for companies to continually improve positive impact for all stakeholders while maintaining exceptional financial performance,” said Dimensional Energy CEO Jason Salfi.

“The world needs immediate and rapid decarbonization across all sectors, and Dimensional Energy shows great promise as a cleaner and lower carbon aviation solution alongside reductions in industrial emissions,” says Brandon Middaugh, senior director of Climate Innovation Fund, Microsoft, “Microsoft has been an early adopter of sustainable aviation fuel and sees this market as critical for global decarbonization, which is why Microsoft’s Climate Innovation Fund is supporting Dimensional Energy’s work as a direct equity investor.”