What if transforming harmful emissions from fossil fuel-heavy industries into usable materials like plastics and paints was more than just a dream? That’s exactly what Copenhagen-based climate tech startup, Again, aims to achieve. In an exclusive reveal by Fortune, it was disclosed that Again secured a significant $43 million in Series A funding from Google Ventures and HV Capital, the venture arm of Google parent Alphabet.
The primary focus of the company with this new funding is to advance their research on developing food and feed products derived from carbon dioxide. Max Kufner, one of the cofounders, shared with Fortune that they are on track to commence their initial operations towards the end of 2025, possibly by early 2026.
The innovative technology employed by Again involves capturing carbon dioxide that would otherwise be emitted into the atmosphere and channeling it into bioreactors. Within these reactors, bacteria convert the carbon into valuable resources used in the production of plastics, paints, and soaps.
The petrochemical industry’s process of refining petroleum to extract various chemicals accounts for approximately 4% of the world’s direct greenhouse gas emissions, roughly equating to 1.8 gigatonnes of carbon dioxide, thereby ranking it as the third most polluting sector globally.
Having amassed around $100 million in funding so far, including support from the European Union grant and venture capital sources, Again has made notable progress in establishing its production facilities. A substantial $10 million injection from GV, ACME Capital, and Atlantic Labs facilitated the setup of a dedicated production site.
Established in 2021, Again originated from a decade-long collaborative research project involving the Danish Technical University, Stanford, and MIT. This background equipped Again with a solid foundation upon its launch, streamlining the technology development process and enabling a concentrated effort on expansion.
Torbjørn Jensen and Alex Nielsen, key figures in the research initiatives, transitioned into cofounders at Again alongside early-stage investor Kufner. Climate technology has experienced a significant 45-fold expansion over the last decade, yet the escalating global temperatures and intense weather phenomenons underscore the ongoing demand for more sustainable solutions.
In navigating the challenges within the realm of climate technology, Again’s approach plays a pivotal role in addressing one of its predominant hurdles—scalability. Most modern climate tech enterprises strive to capture carbon dioxide from the atmosphere, convert it into a compact form, and reintroduce it into the earth. Jensen highlighted that the efficacy of capturing and transforming carbon dioxide is where Again excels.
“Our focus lies not only in emissions reduction but also in generating high-value products simultaneously,” explained Jensen. “Cost-efficiency, operational reliability, and continuous functionality throughout the year are essential components of our technology.”
Priyam Gera