Carbonova Corp. Raised $6 Million to Produce Sustainable Materials from Greenhouse Gas Emissions
Summary
CALGARY, AB, March 12, 2024 /PRNewswire/ - Carbonova Corp., a start-up that aims to turn greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials, announced today that it has successfully closed its SAFE equity financing in an oversubscribed round with $6 million raised. Kolon has a keen interest in Carbonovas technology applications in Asia, including batteries, plastics, and other materials. The commercial demonstration expansion will result in unit production cost efficiencies and is forecast to reduce the CO footprint of the carbon nanomaterials to below net-zero. Carbon nanomaterials have unique performance attributes, including low density, high mechanical strength, as well as electrical and heat properties, which contribute to improving the overall performance and reduce the carbon footprint of everyday products.Demand for sustainable materials has surged in recent years, resulting in growing market for green technologies. The United Nations Conference on Trade and Development (UNCTAD)s Technology and Innovation Report 2023 estimates that demand will create a $9.5 trillion market by 2030 (https://unctad.org/system/files/official-document/tir2023_en.pdf).