Dimensional Energy closes $20m Series A round
Dimensional Energy announced that is has successfully closed a $20m Series A funding round to construct a power-to-liquid fuels plant in Canada, launch new products and support the development of its reactor and catalyst technologies.
The funding round was led by Korea’s Envisioning Partners with support 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.
In addition to the funding close, the company also filed the Delaware Public Benefit Corporation Charter to achieve the B Corporation status.
“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 Jason Salfi, CEO, Dimensional Energy.
Dimensional Energy said it will use the newly-raised funds for:
- 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.
- 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.
- 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.
- 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.
- Dimensional Energy’s technology converts CO2 emissions into SAF, renewable diesel, and a base synthetic paraffin that can be refined into over 6,000 everyday products.