Pace Ventures & GC Ventures Co-Lead Pre-Seed Round to Scale Technology to Decarbonize Petrochemicals
NEW YORK, Oct. 22, 2024 /PRNewswire/ — Turnover Labs, an early-stage, NYC-based start-up that aims to decarbonize the chemical manufacturing industry and change the way the world produces petrochemicals announced that it has closed a $1.4 Million Pre-Seed funding round. Pace Ventures and GC Ventures are co-leads along with Sandy Spring Climate Partners and a select handful of other leading VC firms.
Turnover Labs leverages proprietary technology pioneered and developed at Columbia University to convert “dirty” CO2 produced in chemical manufacturing — and released into the atmosphere — into valuable chemical building blocks. Founded in 2022, Turnover’s innovative electrolysis technology will allow chemical companies to produce their products without relying on petroleum feedstocks. Research indicates that chemical manufacturing accounts for more than 2 billion tons of CO2 emissions every year; and a majority of these emissions have no current technical solutions for reduction, avoidance, or capture.
According to founder and CEO Marissa Beatty, Ph.D., Turnover will use the funds to expand its engineering team, grow business development efforts, and accelerate R&D to transition its technology from the lab to a sub-scale prototype. These critical growth steps will lead to building a real-world prototype that could “recycle” thousands of tons of CO2 annually.
“Using Turnover’s technology, chemical manufacturers will be able to synthesize the most basic chemical building blocks out of the CO2 being emitted by their own facilities,” Beatty said. “Our design emphasizes durability and process compatibility with existing infrastructure, and we’re building our systems to be highly resilient, inexpensive, and able to scale into many different processes.”
Beatty emphasized that Turnover’s approach uses existing infrastructure to make conversion highly cost-effective. “Instead of building a new process to be compatible with our conversion system, we’re building a system that can easily fit into the operations of virtually any chemical manufacturing plant,” she said. “Our hope is that our approach will help speed the transition to a petroleum-free future because we can make use of chemical manufacturing assets that are already in place and operating. These assets still have years of life left before they’re replaced with more efficient alternatives, so we’re excited to offer chemical producers a way to reduce emissions and costs today.”
For more information visit http://www.turnoverlabs.com.
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SOURCE Turnover Labs