Again Secures $43 Million in Series A Funding to Transform Chemical Manufacturing Landscape
July 18, 2024, 3:50 pm
In a significant development for the petrochemical industry, Copenhagen-based carbon utilization company Again has successfully raised $43 million in Series A funding. This funding round, co-led by GV and HV Capital, with participation from Kompas VC, EIFO – Denmark’s Export and Investment Fund, ACME Capital, and Atlantic Labs, marks a pivotal moment in the company's journey towards revolutionizing chemical manufacturing processes.
Drawing on research and innovation stemming from the Danish Technical University, Stanford, and MIT, Again has developed cutting-edge technology that aims to decarbonize the petrochemical industry. By harnessing bioproduction processes, the company is able to convert industrial CO₂ into green chemicals, effectively reducing carbon emissions and driving progress towards achieving Net Zero targets.
Unlike traditional carbon capture storage (CCS) companies that simply capture and store CO₂, Again's approach involves turning this greenhouse gas into valuable products through a unique fermentation process. By feeding waste CO₂ into bioreactors and combining it with hydrogen, akin to the process of brewing beer, Again is able to produce emission-free, commercial-grade chemicals that are not only environmentally friendly but also competitively priced in the market.
The company's first carbon utilization facility in Denmark is already operational, converting CO₂ into acetate, a crucial base chemical used in the production of adhesives, solvents, plastics, textiles, and cosmetics. This innovative process has the potential to reduce emissions by up to 80%, showcasing the tangible impact of Again's technology on sustainability and environmental conservation.
Moreover, Again's strategic approach to facility location and CO₂ sourcing sets it apart in the industry. By co-locating its facilities with industrial emission partners and utilizing on-site CO₂ sources, the company minimizes the need for CO₂ transport, thereby further reducing its carbon footprint. Additionally, Again offers a pilot module for on-site testing of its technology, enabling prospective industrial partners to experience the benefits firsthand and explore potential collaborations.
Dr. Torbjørn Jensen, co-founder of Again, expressed optimism about the company's future prospects, highlighting its status as the world's first carbon-negative chemical manufacturer with the capacity to meet global demand. The recent funding injection will play a crucial role in advancing Again's mission and scaling its operations to drive widespread adoption of sustainable chemical manufacturing practices.
With a total funding amount of $100 million, including a significant Horizon Europe grant for the PyroCO2 project, Again is well-positioned to expand its production capacity, enhance its product portfolio, and forge key partnerships within the industry. The company's commitment to delivering green chemicals to customers, including a landmark agreement with global chemical distributor HELM AG, underscores its dedication to driving positive change in the sector.
In conclusion, Again's successful Series A funding round represents a major milestone in the company's journey towards transforming the chemical manufacturing landscape. By leveraging innovative technology, sustainable practices, and strategic partnerships, Again is poised to lead the charge in decarbonizing the petrochemical industry and shaping a more environmentally conscious future for chemical production.
Drawing on research and innovation stemming from the Danish Technical University, Stanford, and MIT, Again has developed cutting-edge technology that aims to decarbonize the petrochemical industry. By harnessing bioproduction processes, the company is able to convert industrial CO₂ into green chemicals, effectively reducing carbon emissions and driving progress towards achieving Net Zero targets.
Unlike traditional carbon capture storage (CCS) companies that simply capture and store CO₂, Again's approach involves turning this greenhouse gas into valuable products through a unique fermentation process. By feeding waste CO₂ into bioreactors and combining it with hydrogen, akin to the process of brewing beer, Again is able to produce emission-free, commercial-grade chemicals that are not only environmentally friendly but also competitively priced in the market.
The company's first carbon utilization facility in Denmark is already operational, converting CO₂ into acetate, a crucial base chemical used in the production of adhesives, solvents, plastics, textiles, and cosmetics. This innovative process has the potential to reduce emissions by up to 80%, showcasing the tangible impact of Again's technology on sustainability and environmental conservation.
Moreover, Again's strategic approach to facility location and CO₂ sourcing sets it apart in the industry. By co-locating its facilities with industrial emission partners and utilizing on-site CO₂ sources, the company minimizes the need for CO₂ transport, thereby further reducing its carbon footprint. Additionally, Again offers a pilot module for on-site testing of its technology, enabling prospective industrial partners to experience the benefits firsthand and explore potential collaborations.
Dr. Torbjørn Jensen, co-founder of Again, expressed optimism about the company's future prospects, highlighting its status as the world's first carbon-negative chemical manufacturer with the capacity to meet global demand. The recent funding injection will play a crucial role in advancing Again's mission and scaling its operations to drive widespread adoption of sustainable chemical manufacturing practices.
With a total funding amount of $100 million, including a significant Horizon Europe grant for the PyroCO2 project, Again is well-positioned to expand its production capacity, enhance its product portfolio, and forge key partnerships within the industry. The company's commitment to delivering green chemicals to customers, including a landmark agreement with global chemical distributor HELM AG, underscores its dedication to driving positive change in the sector.
In conclusion, Again's successful Series A funding round represents a major milestone in the company's journey towards transforming the chemical manufacturing landscape. By leveraging innovative technology, sustainable practices, and strategic partnerships, Again is poised to lead the charge in decarbonizing the petrochemical industry and shaping a more environmentally conscious future for chemical production.