Estonian producer of carbon nanomaterials UP Catalyst raised €4M in a seed round of investment
Estonian producer of carbon nanomaterials UP Catalyst raised €4M from previous investors Estonian independent electricity producer Sunly, Estonian VC Little Green Fund, Tartu-based company Scottish Baltic Invest (connected to Estonian manufacturer of electro-mechanical solutions Interconnect Product Assembly), and an investment company of the University of Tartu UniTartu Ventures. Berlin-based VC Extantia and SmartCap, a subsidiary of the Estonian Business and Innovation Agency, were leading the round.
Founded in Tallinn in 2019 by Gary Urb and Kätlin Kaare, UP Catalyst specializes in transforming CO2 into carbon nanomaterials and graphite, which can be used in the electric car battery industry or biomedicine. In addition, the startup develops carbon-negative concrete, which helps reduce the carbon footprint of concrete production in the construction industry.
The startup plans to use the investment to construct an industrial pilot reactor, which can process 100 tons of CO2 annually and generate 27 tons of carbon materials. According to UpCatalyst, the company aims to power approximately 4M cars with batteries made from green graphite by 2030.
In 2023, UpCatalyst received €300K in grants through the Green ICT program supported by Norway Grants and Enterprise Estonia, €560K equity-free support from the European Institute of Innovation and Technology EIT Manufacturing, and €1,5M as a grant from EAS-Enterprise Estonia.
SmartCap was established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. SmartCap manages two common closed-end alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund.
Little Green Fund was founded in Tallinn in 2021 by Andrus Purde, Erki Ani, and Karl Joosep Pärtel. It invests up to €50K in green tech and cleantech companies. The fund's portfolio includes Fusebox, UP Catalyst, VOK Bikes, EAgronom, Cuploop, and others.
Founded in Tallinn in 2019 by Priit Lepasepp, Sunly plans, develops, constructs, and operates renewable energy power plants in Poland and the Baltic States. The company also invests in early-stage startups, which are engaged in electrification, renewable energy and storage, battery technology, IoT, energy-enabling technology, and smart city applications. In its portfolio are Estonian developers of supercapacitors Skeleton Technologies, Estonian manufacturer of electric lightweight vehicles Comodule, and others.
