Carbonova Awarded $2 million from Sustainable Development Technology Canada

CALGARY, AB, Feb. 21, 2023 /PRNewswire/ - Carbonova is pleased to announce that it has been awarded $2 million non-dilutive, non-repayable contribution from Sustainable Development Technology Canada ("SDTC").

Carbonova Corp. is a technology company with a unique and patented process to produce high-volume superior solid carbon nanofibers from greenhouse gas feedstock. Carbonova process utilizes carbon dioxide and methane and turns them into a sustainable and a valuable solid carbon commodity. The carbon nanofibers product has a wide range of applications ranging from composite additives to batteries.

This funding represents an important level of support toward the next phase of Carbonova's commercial development and will allow it to advance its technology and begin the design of its first of a kind commercial unit. With headquarters in Calgary, Alberta, Carbonova is on track to building the first large scale commercial carbon nanofibers facility in Canada.

SDTC is the largest funder of sustainable small and medium-sized businesses in Canada. Their team supports companies from seed to success, providing the resources they need to grow.

"The funding from SDTC will materially contribute to the development and commercialization of Carbonova's game changing technology." said Dr. Mina Zarabian, Co-Founder and CEO of Carbonova.  "Advancement from the existing pilot scale to a small commercial unit is expected to significantly expand opportunities for applications of our technology globally."

This project is named "Scaling up Production of Carbon Nanofibers from Greenhouse Gases" and includes milestones of the conceptual design, pre-FEED, and FEED of the first of a kind modular commercial unit using Carbonova technology. It positions the company to scale up a fully Canadian developed technology and validate its use in multiple applications by monetizing waste streams and turning them into valuable products.

"Innovation, discovery, and entrepreneurship are thriving in this country. Throughout Canada, highly skilled teams are working tirelessly to mitigate climate change and offer powerful solutions to pressing environmental problems. SDTC is here to support their work and help Canadian companies grow so they can respond to the global demand for sustainable solutions."

—Leah Lawrence, President & CEO of SDTC 

Carbonova is very appreciative of the many funders and stakeholders that have supported the commercialization journey to date. The company will continue to create value and support energy transition going forward.

www.carbonova.com

SOURCE Carbonova