Greenlyte successful with Pre-Series-A over € 10.5 million

Green light for Greenlyte: With fresh capital of 10.5 million euros, the company plans to expand its team and accelerate technology development in the fight against climate change

Essen, 06.03.2024 - Greenlyte Carbon Technologies ("Greenlyte"), a European Direct Air Capture (DAC) startup, has announced the closing of a €10.5 million pre-series A financing round. In addition to the extensive participation of all previous investors, including Earlybird Venture Capital, Green Generation Fund, Carbon Removal Partners and Supervisory Board member Dr. Udo Jung, Partech is now also part of the investor group.

The financing round follows a successful commercial development in the form of partnerships and high-value offtake agreements. Greenlyte has also received two grants from the European Regional Development Fund. The company has now raised a total of over €20 million in equity and funding since its inception 18 months ago.

The year 2023 clearly showed the damaging effects of climate change. In the fourth quarter of 2023, it became clear that the demand for DAC is at a turning point.

Florian Hildebrand, CEO and co-founder of Greenlyte

Founded in late 2022 by Florian Hildebrand, Dr. Niklas Friederichsen and Dr. Peter Behr, Greenlyte specializes in a Direct Air Capture (DAC) system that efficiently removes CO2 from the atmosphere. It uses a liquid sorbent solution with minimal energy input, producing hydrogen as a by-product. This innovative process can be fully integrated with renewable energy and does not require high temperatures or pressure. The recovered CO2 and hydrogen can then be used as feedstock for chemicals, building materials and alternative fuels or used to generate negative emissions.

Greenlyte's rapid progress and ability to secure over €20 million in such a short space of time are clear indicators of the market's confidence in their offering.

Dr. Hendrik Brandis, Co-Founder and Partner of Earlybird

Further voices on the round

Janna Ensthaler, co-founder and partner of the Green Generation Fund, says: "As early backers, we are delighted to support the exceptional team at Greenlyte and their pioneering DAC technology. Florian, Niklas & Peter combine scientific expertise, drive and operational excellence right from the start."

Max Zeller, Co-Founder and Partner of Carbon Removal Partners:"Greenlyte is one of the strongest teams in the world when it comes to the development and implementation of Direct Air Capture technology. This is underlined by Greenlyte's outstanding market penetration and the new funding is a clear realization of the company's increased ambition to develop and scale faster."

Romain Lavault, Partner at Partech:"It is a very rare opportunity for an investor to meet a team that combines deep expertise in technology, scale-up know-how and the ability to execute extremely quickly. The progress I've seen at Greenlyte reminds me of the early days of SpaceX, with that combination of pragmatism, determination and ambition. Ilook forward to joining the Greenlyte board and supporting Florian, Niklas and Peter in building the undisputed leader in carbon capture."