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Immaterial Ltd., a Cambridge, UK-based cleantech company, has announced today the successful closure of its Series A funding round. The investment round was led by SLB, with participation from AP Ventures, Cepsa, Chevron Technology Ventures, Energy Revolution Ventures, JERA Co., TRIREC and Ultratech Capital Partners, and existing investors including long-term investor and Chairman of Immaterial Ltd, Jogchum Brinksma.
‘‘We are truly excited to have such a strategically diverse and informed new investor group partner with us in this round to accelerate the decarbonisation agenda. The combined investors’ skills and capabilities will enable Immaterial to accelerate its technology commercialisation agenda and provide a powerful mix of enhanced execution capabilities and market reach to complement our patented monolithic MOF technology portfolio’’, stated Mohammed Khan, CEO of Immaterial.
Immaterial, a Cambridge University spinout, is focussed on decarbonising the world and enabling the energy transition with its advanced materials and systems design for carbon capture from point source and efficient low-cost innovative hydrogen storage. With 40 billion tonnes of CO2 to abate by 2050 and 30% of the global greenhouse gases emitted by hard-to-abate industries, Immaterial is focused on making carbon capture economically viable for industrial customers. The company aims to design the lowest-cost and easiest-to-integrate solution and turn it into a sustainable and profitable endeavour with significantly lower capital and operating costs, making a material contribution to the global environment and unlocking substantial value for its customers.
In support of the developing green hydrogen economy, which requires an efficient hydrogen infrastructure, Immaterial is also tackling the challenge of affordable and spatially efficient intermittent green hydrogen storage. The company aspires to revolutionise this landscape by delivering the industry’s safest, most cost-effective, and space-saving hydrogen storage solution with advanced materials that store multiples of volume of hydrogen at lower pressure compared with current technologies, unlocking capital and operating cost benefits for customers.