Last week Carbominer signed the Grant Agreement with the EIC Accelerator Fund. With this formal action, Carbominer secured a €1.5 Million grant and is eligible for up to €7.5 Million in equity at the later stages of the project.
EIC Accelerator is one of the biggest funding opportunities in Europe supporting innovative startups and high-risk small and medium-sized businesses that might contribute to rapid economic growth and sustainability transition.
One of the awardees of the last batch was Carbominer, a climate tech startup founded in 2020 by a Ukrainian innovator with an engineering and corporate background Nick Oseyko. The technology developed by Carbominer allows to capture carbon dioxide from the atmosphere (Direct Air Capture).
The team firmly believes that CO₂ is a valuable feedstock rather than a dangerous waste and can bring good use for various types of customers around the globe. The first focus area where the team aims to make an impact is Indoor Agriculture. The vision driving the team is to enable more sustainable and efficient food production by supplying green atmospheric CO2 to indoor farmers.
The whole project funded by EIC Commission is dedicated to bringing DAC technology to commercialisation. This includes technology scaling to 50 and 250 tons per year DAC machines, pre-commercialisation activities with European vertical farms and smart greenhouses and establishing a DAC-unit production line within the next 4 years.
Ukraine is steadily gaining momentum to showcase its full innovation potential on the international scene. Across all the types of EIC funding programs, already 20 Ukrainian innovative projects received financing over the last decade. Carbominer is the second Ukrainian startup to receive financing under the new EIC Accelerator program, operational since 2021.
Now the team is negotiating the late seed raise to complement the EIC Accelerator funding and aims to close the round during spring.
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ABOUT CARBOMINER
Carbominer is a modular Direct Air Capture technology provider from Ukraine. The main product offering is the sustainable CO₂ captured from the open air. With this fossil-free CO₂, farmers can sustainably promote crop yield by 30% in their greenhouse or vertical farm.
Up to date, Carbominer secured funding of exactly $1 Million in equity investment from Ukrainian fund SMRK.vc and Swiss Business Angel.
For more details visit carbominer.com or the company’s page on LinkedIn.
ABOUT EIC ACCELERATOR
The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund up to €15 million. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors.
Each year around 3000 startups and SMEs apply for funding from the EIC Accelerator, and the average success rate from the first short submission to awarding is around 7%.
Since its launch in 2021, EIC Accelerator has seen a high level of demand by startups and SMEs, receiving in total more than 10,000 applications and investing in around 500 projects. {source, source}
For more details visit
https://eic.ec.europa.eu/eic-funding-opportunities/eic-accelerator_en
