Dimensional Energy Raises $20 Million in Series A Funding
Today, CO2 utilization company Dimensional Energy announced the successful completion of a $20 million Series A funding round. The proceeds from this round will be directed towards accelerating the production of sustainable aviation fuel and other initiatives focused on industrial decarbonization.
Established in 2014 and based in Ithaca, New York, Dimensional Energy employs captured CO2 to generate fuels and product materials that would typically rely on fossil fuels as inputs. The company’s products are crafted from carbon dioxide captured from either the atmosphere or industrial sites, coupled with hydrogen sourced from water. Dimensional Energy’s innovative approach involves breaking the molecular bonds of carbon dioxide to produce carbon monoxide, which is then combined with hydrogen to create syngas. This syngas serves as a viable alternative to oil and gas in fuel and product manufacturing processes.
In June 2022, Dimensional Energy announced an investment from United Airlines’ sustainable aviation-focused venture fund, United Airlines Ventures (UAV), along with a purchase agreement with the airline for a minimum of 300 million gallons of sustainable aviation fuel (SAF) over 20 years. This fuel is produced from repurposed carbon dioxide. UAV’s return as a strategic investor in the latest funding round underscores their confidence in Dimensional Energy’s vision.
The company outlined several key initiatives that will benefit from the newly raised funds. These include the construction of the world’s first advanced power-to-liquid (PtL) fuels plant, utilizing emissions from the Lafarge Richmond Cement Plant in British Columbia, Canada. Additionally, Dimensional Energy plans to further develop commercial power-to-liquid plants globally and introduce its inaugural consumer (B2C) and business-to-business (B2B) products. These offerings include fossil-free surf wax and a cruelty-free fat alternative tailored for vegan food manufacturers. Technological advancements, including enhancements to its proprietary reactor and catalyst technologies, are also on the agenda for investment.
