UP Catalyst team Photo: Mihkel Leis
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UP Catalyst, a start-up developing carbon nanomaterials used in the battery industry, has received a €4 million funding round, with which it plans to further develop its technology and increase its production capacity. The round was led by the Berlin venture capital fund Extantia, to which the Estonian national fund SmartCap also contributed; Previous investors Sunly, Little Green Fund, Scottish Baltic Invest and UniTartu Ventures also participated.
UP Catalyst, an Estonian deep tech start-up, produces carbon nanomaterials, mainly intended for the battery industry. The company’s CEO and co-founder, Gary Urb, previously explained to Genius that carbon dioxide is essentially taken from the atmosphere, broken down into carbon and oxygen, and valuable materials are made from the collected carbon.
Good timing
The latest funding round concluded at a time when the future of the Western battery industry is clouded by China’s ban on graphite exports. Until now, Europe has been heavily dependent on Chinese graphite: so far 99% of the material used in production here has been imported.
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2023-12-05 14:38:05
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