Kolon Industries
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Carbonova Corp. Raised $6 Million to Produce Sustainable Materials from Greenhouse Gas Emissions
Carbonova Corp., a start-up that aims to turn greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials, announced that it has successfully closed its SAFE equity financing in an oversubscribed round with $6 million raised. The Company intends to use the net proceeds from the financing to advance its strategy towards building the first commercial demonstration carbon nanofibers unit in Canada.
The financing round was led by Kolon Industries, a multi-billion-dollar Korean conglomerate. Kolon has a keen interest in Carbonova’s technology applications in Asia, including batteries, plastics, and other materials. Another major participant in this round was the Natural Gas Innovation Fund NGIF Capital, a venture capital firm focused on innovative technologies for improving the environmental performance of existing or renewable natural gas and hydrogen production. This round also saw strong participation from the company’s directors, management, and staff team.
Carbonova currently produces carbon nanomaterials for customers at a pilot facility at the company’s headquarters in northeast Calgary, Alberta. The commercial demonstration expansion will result in unit production cost efficiencies and is forecast to reduce the CO2 footprint of the carbon nanomaterials to below net-zero.
Kolon Industries to make 100% plant-based eco-friendly plastic
Kolon Industries Inc.’s Future Technology Institute announced on Wednesday that it has partnered with Stora Enso Oyj, a global biomaterials leader from Finland, to develop eco-friendly plastics.
The two companies will focus on creating polyethylene furanoate (PEF) products, which are next-generation bioplastics. Leveraging Kolon Industries’ polymer plastics manufacturing and processing technology and Stora Enso’s raw material development capabilities, they aim to produce 100% natural and environmentally friendly plastic. PEF is made from plant-based raw materials and boasts superior hardness, heat resistance and gas barrier properties compared to polyethylene terephthalate (PET), a common petrochemical plastic. It has the potential to replace existing beverage bottles and food packaging.