Carbyon’s CEO Hans De Neve on revolutionizing carbon capture
“We are genuinely aiming to bring about the end of the fossil fuel era.”
Following a successful €15.3 million Series A investment round, bringing total funding to over €25 million, Dutch direct air capture (DAC) start-up Carbyon is poised to accelerate the development of its innovative CO₂ capture technology. This financing round will allow Carbyon to scale its patented ‘fast swing’ technology, which significantly reduces unit, energy, and project costs, making large-scale deployment more feasible. At the helm of this groundbreaking company is Hans De Neve, a seasoned expert in renewable energy. With his background in smart grids, De Neve became fascinated by the potential of capturing CO₂ from the air to support green fuel production.
This led him to join the industry and Carbyon is now making strides to address one of the world’s most pressing challenges. De Neve explains that Carbyon’s goal is to create a low-cost DAC machine which will make the production of green fuels and chemicals more economical than the use of fossil fuels. “We are genuinely aiming to bring about the end of the fossil fuel era,” he says. Carbyon’s long-term vision also includes using their technology to reduce atmospheric CO₂ levels to pre-industrial concentrations, thereby providing a solution for both current and historic emissions.
The company’s biggest hurdle is the cost of both the equipment and the energy required for DAC. De Neve highlights the need to reduce the cost of CO₂ capture to less than $100 per ton, a challenge which involves both technological innovation and large-scale manufacturing. But De Neve is a firm believer in the fast pace of progress. He is optimistic that Carbyon will be the first company to reach the $100 per ton milestone. Thanks to Carbyon’s technology, carbon capture could play a crucial role in curbing climate change and accelerating the transition to a fossil-free world.
THE CASE FOR CARBYON
Hugo Hubert, Associate at Omnes, tells us why Omnes’ Deeptech fund invested in the carbon capture company Carbyon.
1. Innovative technology and strong partnerships
Founded in 2019, Carbyon is a Dutch company at the global forefront of direct air capture (DAC) technology. Leveraging a unique ‘fast swing’ technology, developed through years of R&D in collaboration with TNO (a leading Dutch research center) and ASML (the world’s largest supplier for the semiconductor industry), Carbyon has created a highly efficient method for capturing CO₂ from the atmosphere. The company benefits from a strong ecosystem, including partnerships with the semiconductor industry, something which can be a significant barrier to entry for competitors. This breakthrough technology has already garnered recognition and was one of the 15 global winners of the XPRIZE competition in 2022, funded by Elon Musk.
2. Climate change impact, market potential, and growth prospects
Having been identified by leading scientists and institutions, including the IPCC, as one of the key solutions to fight climate change in the coming decades, the DAC market is poised for exponential growth. Driven by regulatory pressures and voluntary carbon credit markets, the market opportunity is immense, with a potential demand of 6 GT for these new-generation infrastructure assets, in comparison to a current supply of 10 kT. Carbyon’s technology is well positioned to capitalize on this demand, with a clear roadmap to reduce carbon capture costs to less than €100 per ton by 2026, a milestone which is considered by the industry to be the ‘holy grail’. The market has reacted very well to Carbyon’s value proposition: the company is in advanced discussions about technological feasibility with Deep Sky, a major DAC hub project in Canada, and has several other letters of intent with key market players.
3. CAPEX and operational efficiency
Carbyon has a significant CAPEX advantage, thanks to its high capture density and rapid operation speed (5 minutes vs. 5 hours currently), making it the most cost-efficient technology we have seen, after analysis of more than 10 European DAC companies. These groundbreaking benefits could lead to capture costs as low as €25 per ton at scale. The company recently overcame major challenges, including water absorption and energy costs, which will realistically enable Carbyon to achieve this goal. Carbyon positions itself as a machine seller, leaving the complexity of infrastructure to specialized partners; this is a smart and efficient go-to-market strategy which will simplify the sales cycle and drive Carbyon’s industrialization strategy, based on modular systems.
4. Strong management and strategic vision
Led by experienced researcher and CEO Hans De Neve, Carbyon’s team comprises professionals with unique and in-depth knowledge of materials science applied to carbon capture. The company has already achieved a critical size with 45 high-level employees. It is well positioned for future growth and is ready to start scaling its production capabilities, with plans to produce 50,000 carbon capture units annually by 2030. Combined with a robust recruitment plan and Omnes’ active participation in its governance, this strategic vision will contribute to Carbyon enjoying long-term success and having a significant impact on the fight against climate change.
First published in Scope Fall 2024