Dimensional Energy Secures $20 Million Series A Funding
Global leader in carbon utilization technology will use funds to accelerate sustainable aviation fuel production and the decarbonization of our economy.
ITHACA, N.Y.–(BUSINESS WIRE)–Dimensional Energy, Inc., a global leader in cutting-edge carbon utilization technology, Sustainable Aviation Fuel (SAF) production and advanced carbon emissions-derived fuels and materials, announces the successful closure of a $20 million Series A funding round. In addition, the climate tech company announces their filing of the Delaware Public Benefit Corporation Charter, the first step in becoming a certified B Corporation. “As a technology company, we work with third parties to verify our performance, carbon intensity, and full life cycle analysis. The same needs to be true when it comes to other environmental and social equity claims. B Corporation status provides a framework for companies to continually improve positive impact for all stakeholders while maintaining exceptional financial performance,” said Dimensional Energy CEO Jason Salfi.
The funding round was led by Envisioning Partners, a prominent Korea-based impact venture capital fund with a strong global focus on climate investing, with strategic participation from United Airlines’ Sustainable Flight Fund, Microsoft’s Climate Innovation Fund, RockCreek Group’s Smart Aviation Futures fund, DSC Investment, Delek US, New York Ventures, Climate Tech Circle, and continuing support from existing investors New Climate Ventures, Elemental Excelerator, Chloe Capital, and Launch New York among others.
“We are excited to be supporting Dimensional Energy, a clear leader in power-to-liquid sustainable aviation fuel production which is much needed in decarbonizing a hard to abate industry like aviation. Dimensional Energy’s mix of proven large-scale technology, proprietary catalyst technology and project development capabilities positions the company very well for fast scale up globally,” stated Yong Hyun Kim, Managing Partner of Envisioning Partners.
The substantial Series A round funding, combined with committed third-party project financing, positions Dimensional Energy for significant growth, enabling the company to rapidly achieve commercial scale and expand its portfolio of high-value, financially attractive projects.
“The world needs immediate and rapid decarbonization across all sectors, and Dimensional Energy shows great promise as a cleaner and lower carbon aviation solution alongside reductions in industrial emissions,” says Brandon Middaugh, senior director, Climate Innovation Fund, Microsoft, “Microsoft has been an early adopter of sustainable aviation fuel and sees this market as critical for global decarbonization, which is why Microsoft’s Climate Innovation Fund is supporting Dimensional Energy’s work as a direct equity investor.”
Dimensional Energy will allocate the newly raised funds to advance its key initiatives:
1. 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, in partnership with Svante, a leader in carbon capture technology.
2. The continued development of commercial power-to-liquid plants globally including a project with financing from Seneca Environmental and development support from Elemental Excelerator’s Infrastructure and Community Engagement programs.
3. Introduction of Dimensional Energy’s first consumer (B2C) and business-to-business (B2B) products, including fossil-free surf wax and a cruelty-free fat alternative tailored for vegan food manufacturers.
4. Technology advancements including the evolution of Dimensional Energy’s proprietary reactor and catalyst technologies, which are being developed with funding from the Department of Energy’s ARPA-E and SETO programs, in collaboration with Oak Ridge National Laboratory and Cornell University. These innovations are field-tested at Dimensional Energy’s technology center in Tucson, Arizona.
“Earlier this summer, we made a strategic investment of development capital into Dimensional Energy because we saw the potential of their upstate NY project to deliver replicable decarbonization technology while engaging the local community in workforce expansion. We are delighted that this catalytic investment, which we coupled with development support services as well as customized community engagement coaching, has proven a successful bridge to Dimensional’s next growth spurt,” Founder & CEO of Elemental Excelerator Dawn Lippert said. “With the close of this round, Dimensional Energy is poised for significant growth and impact.”
“Dimensional Energy has made remarkable progress since our initial investment and 300 million gallon offtake agreement last year, including the launch of its Tucson Technology Center pilot plant,” said United Airlines Ventures Managing Director Andrew Chang. “There’s no question that building the SAF industry from the ground up will take time and capital, but it’s innovative companies like Dimensional that are leading the transition to a more sustainable future. That’s why we have made a second investment and plan to continue to support Dimensional’s efforts to scale its operation to help create the SAF that our airline needs.”
Dimensional Energy’s cutting-edge technology transforms carbon dioxide emissions into sustainable aviation fuel (SAF), renewable diesel, and a base synthetic paraffin that can be refined into over 6,000 everyday products. Utilizing carbon emissions and renewable energy reduces lifecycle emissions for hydrocarbon fuels by over 93%, according to a GREET Life Cycle Analysis (LCA) of Dimensional’s process. Dimensional Energy’s distinctive capability to seamlessly integrate into existing industrial facilities and provide a profitable carbon utilization pathway marks a revolutionary shift in tackling global emissions challenges. Many difficult to decarbonize industries are turning to carbon capture to reduce process emissions. Dimensional Energy creates the opportunity for carbon capture to expand by providing onsite utilization of these emissions by turning CO2 into fuels and everyday products that would otherwise be produced by newly extracted oil and gas.
“Dimensional Energy particularly stood out to us for their differentiated technology, exceptional team, and significant progress to date towards producing SAF and other industrial products from CO2”, said Justin Heyman, Managing Director at RockCreek and leader of the Smart Aviation Futures team. “This technology can significantly reduce the environmental footprint of the airline industry.”
About Dimensional Energy
Dimensional Energy is a global leader in carbon-to-value technology. The company has offices in Houston, TX, laboratories and advanced prototyping in Ithaca, NY, and operates a fully integrated pilot plant in Tucson, AZ. The Tucson Technology Center serves as a testing ground for scaled technology and workforce development for a growing list of commercial plants around the world. Dimensional Energy is a full-service technology and engineering firm that can support commercial deployments for project developers, industrial carbon emitters, and strategic partners.
Company Website: www.dimensionalenergy.com
About Envisioning Partners
Envisioning Partners (“Envisioning”) is a leading impact investing venture capital firm based in Seoul, Korea. Envisioning invests in innovative startups addressing critical problems of our time, particularly climate change, in Korea and the US. As of December 2023, Envisioning has a portfolio of 45 companies in Korea, US, Singapore, and Vietnam.
Company Website: https://envisioning.partners
Contacts
Media Contact for Dimensional Energy: Dassance Raymond (dassance.raymond@dimensionalenergy.com)
