Climate technology startup Skytree, headquartered in Amsterdam and dedicated to pioneering CO2 capture and reuse technologies, has received a €2.5 million non-dilutive grant from the European Innovation Council (EIC) Accelerator.
Furthermore, the EIC Accelerator has pledged to participate alongside Skytree in its forthcoming Series A investment round scheduled for Spring 2024. This grant contributes to the total of €13 million that Skytree has amassed in funding over the course of 2023.
EIC Accelerator Chooses Skytree for Program Participation
Skytree has been distinguished by the EIC Accelerator, a component of the Horizon Europe initiative designed to boost Europe’s research and innovation standing, as one of the foremost 47 enterprises from a pool of 648 contenders and one of the quartet in the Netherlands.
During the application stage, Skytree was supported by the Netherlands Enterprise Agency (RVO).
The EIC Accelerator endorses startups and growth-stage firms such as Skytree to progress cutting-edge technologies and bring novel products to the marketplace. The program provides startups and SMEs with grants up to €2.5 million, in addition to equity funding from the EIC Fund that ranges between €0.5 million to €15 million.
Moreover, firms chosen by the EIC also gain coaching, mentoring, investor and corporate networking, and further business opportunities.
Chief Executive Officer, Rob van Straten, comments, “The EIC’s grant is a testament to the significant promise held by our DAC technology.”
Van Straten expresses gratitude, stating, “As we gear up to deliver our inaugural Skytree DAC units to clients in Europe and North America at the start of the next year, we feel privileged to have earned recognition from the EIC and are thankful for the assistance provided by team IRIS at RVO throughout this journey.”
He continues, “We are eager to use the additional funds to fast-track the development and market launch of our product,” Van Straten further notes.
What Services and Products Does Skytree Provide?
Established in 2014 by entrepreneur Max Beaumont, Skytree has developed a unique direct air capture (DAC) technology for extracting CO2 directly from the ambient air, promoting a move towards less dependence on fossil-fuel intensive industrial practices.
This technology, which has been refined through over ten years of hands-on research and was originally conceived for use by astronauts on the International Space Station, employs DAC to isolate CO2.
The harvested CO2 is then compressed and stored in high-pressure buffer tanks, making it available for various companies to use, thus offering a viable solution for combatting climate change sustainably.
The startup has introduced its first market-ready modular system, the Skytree Cumulus, specifically serving businesses in controlled environment agriculture (CEA). The company asserts that its installations can enhance agricultural productivity by 20-30% over traditional farming techniques. This increase is attributed to the year-round cultivation made possible by CEA methods, supplemented by a closed-loop CO2 recycling system.
In June 2023, Skytree raised $6 million (equivalent to around €5.55 million at the time) in seed funding with Horticoop, a cooperative fund supporting the horticulture sector, and Yield Lab Europe, a venture capital firm focused on agricultural technology impact, leading the round.
The company plans to utilize the capital to achieve the capture of 10 million tons of CO2 by 2030 and to accelerate the deployment of their direct air capture (DAC) technology.
In addition to the financial boost, Skytree has also welcomed Mark Henderson to the team as the new global Chief Commercial Officer and the President of its North American operations.