Skyonic Obtains $12,500,000 New Financing Round

  • Feed Type
  • Date
    5/22/2014
  • Company Name
    Skyonic
  • Mailing Address
    900 S. Capital of Texas Hwy Austin, TX 78746 USA
  • Company Description
    At Skyonic, we believe that clean air and economic growth are not mutually exclusive. We believe that mineralizing CO2 emissions is the best-available method for reversing global warming.
  • Website
    http://www.skyonic.com
  • Transaction Type
    Venture Equity
  • Transaction Amount
    $12,500,000
  • Transaction Round
    Undisclosed
  • Proceeds Purposes
    the funding will provide for the continued development of Skyonic’s SkyCycle technology toward commercialization and support international growth.
  • M&A Terms
  • Venture Investor
  • Venture Investor

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  • Chuck

    Here’s another example of crony capitalism where politically
    well-connected people feed at the public trough (the US DOE) and get
    something between taxpayer-backed loan guarantees (or at worst, outright
    grant money that never has to be repaid) and then build a project that
    consumes electric energy over half of which is generated by, you guessed
    it, a CARBON-BASED fuel! (Don’t believe me? Then check out who helped
    Skyonic obtain its US DOE taxpayer-funded grant; it’s a well-connected
    law/lobbying firm by the name of Van Ness Feldman LLP, and the company
    has the temerity to brag about it!)

    To add insult to injury, there are plenty of much larger chlor-alkali plants that
    already produce sodium hydroxide (and almost-certainly with a lower-cost
    basis than Skyonic due to their economies of scale), which could have been
    shipped to the cement kiln by rail to reduce CO2 emissions eliminating the
    need for a front-end chloralkali plant.

    Finally, the Skyonic plant uses conventional bipolar chlor-alkali electrolytic
    cells to produce H2, Cl2 and NaOH; this cell technology was supplied by
    Ineos, a company that is neither a world leader in either cell technology
    (in my opinion) or market share (and that’s a fact not an opinion). In contrast, the oxygen depleted cathode technology pioneered and now commercialized by Bayer Material Science, Thyssen Krupp Uhde and Industrie De Nora S.p.A.reduces electric energy consumption by up to 30% (fact, not opinion) and would have had a much lower carbon footprint than the Skyonic project regardless that no hydrochloric acid would have been produced.