Dimensional Energy, Inc., a CO2-to-SAF and carbon utilization technology firm has closed a $20m Series A funding round.
In addition, the climate tech company announces their filing of the Delaware Public Benefit Corporation Charter, the first step in becoming a certified B Corporation.
The funding round was led by Envisioning Partners, a prominent Korea-based impact venture capital fund with a strong global focus on climate investing, with strategic participation from United Airlines’ Sustainable Flight Fund, Microsoft’s Climate Innovation Fund, RockCreek Group’s Smart Aviation Futures fund, DSC Investment, Delek US, New York Ventures, Climate Tech Circle, and continuing support from existing investors Elemental Excelerator, Chloe Capital, and Launch New York among others, according to a news release.
The Series A round funding, combined with committed third-party project financing, positions Dimensional Energy for significant growth, enabling the company to rapidly achieve commercial scale and expand its portfolio of high-value, financially attractive projects, according to the company.
ReSource reported in August that the firm was in the late stages of a roughly $100m equity and debt round led internally.
In May, the company signed an offtake agreement for 5 million gallons per year with Boom Supersonic, which is seeking to build a supersonic airliner that will travel at speeds twice as fast as today’s commercial jets.
Dimensional Energy will allocate the newly raised funds to advance its key initiatives:
- Construction of the world’s first advanced power-to-liquid (PtL) fuels plant, utilizing emissions from the Lafarge Richmond Cement Plant in British Columbia, Canada, in partnership with Svante, a leader in carbon capture technology.
- The continued development of commercial power-to-liquid plants globally including a project with financing from Seneca Environmental and development support from Elemental Excelerator’s Infrastructure and Community Engagement programs.
- Introduction of Dimensional Energy’s first consumer (B2C) and business-to-business (B2B) products, including fossil-free surf wax and a cruelty-free fat alternative tailored for vegan food manufacturers.
- Technology advancements including the evolution of Dimensional Energy’s proprietary reactor and catalyst technologies, which are being developed with funding from the Department of Energy’s ARPA-E and SETO programs, in collaboration with Oak Ridge National Laboratory and Cornell University. These innovations are field-tested at Dimensional Energy’s technology center in Tucson, Arizona.
