Syzygy Plasmonics, a firm focusing on decarbonization, has raised $76 million in a Series C investment round to accelerate the delivery of its low-carbon hydrogen technology.
Through electrification, Syzygy focuses on lowering emissions in the chemical industry. The company's solution combines two inventions – a high-performance photocatalyst and a reactor made from common, low-cost materials such as glass, aluminum, and LEDs – to use light instead of heat energy derived from fossil fuels to produce chemicals and fuels.
"The completion of this funding round with such significant backing from financial and strategic investors and commercial agreements in hand is a signal to the market. Companies with foresight have moved beyond setting decarbonization objectives and are already implementing them. We are developing low-cost, low-carbon solutions for many industries, which makes Syzygy unique."
Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future, especially for sectors with difficult emission abatement, where renewable energy solutions such as wind and solar are less practical. Despite being the most abundant element in the universe, there are no pure hydrogen deposits on earth, and it must be extracted from other materials. Often, the extraction process generates pollution and greenhouse gas emissions. Approximately 90 million metric tonnes of hydrogen are produced annually, largely through steam methane reforming from natural gas.
According to Syzygy, the fund
s will be used to further develop and supply all-electric reactor systems that eliminate fossil-based combustion in chemical manufacture and lower the carbon intensity of hydrogen, methanol, and fuel.
According to the business, field trials have begun and commercial units are expected to arrive in 2023.
Suman Khatiwada, co-founder and CTO, stated:
"Syzygy focuses intensely on harmonising energy, technology, and sustainability. We are pursuing zero-emissions hydrogen from green ammonia, low-emissions hydrogen from combustion-free steam methane reforming, and carbon dioxide and methane-based sustainable fuels with our current projects. This technology represents the future of chemical production."
As the company grows its commercial products, Syzygy expects to double its workforce of chemists and engineers within the next year, bringing the total number of employees to more than eighty.
The fundraising round was led by the growth equity firm Carbon Direct Capital, with participation from a number of additional investors, some of which have engaged into commercial partnerships with Syzygy to support their decarbonization objectives.
Jonathan Goldberg, chief executive officer of Carbon Direct Capital, stated:
"We were drawn to the many applications for the Syzygy reactor and the customer lifetime value of each Syzygy client. Carbon dioxide emissions from the manufacture of hydrogen exceed 900 million metric tonnes per year. Syzygy's photocatalysis technology is a crucial alternative for decarbonizing the production of hydrogen and other vital industries."