Key Takeaways
- Significant Funding Milestone: Skytree, a leader in climate tech, has secured a €2.5 million non-dilutive grant from the European Innovation Council (EIC) Accelerator, with total funds raised in 2023 reaching €13 million.
- Strategic Funding for Future Growth: The EIC Accelerator not only provides immediate funds but also commits to future investment, with plans to participate in Skytree’s Series A funding round in Spring 2024.
- Competitive Selection Process: Skytree stood out among 648 applications to become one of the 47 companies selected for EIC funding, highlighting its potential and the quality of its Direct Air Capture (DAC) technology.
- Advancing Breakthrough Technology: The funds will accelerate the deployment of Skytree’s innovative DAC units, Skytree Cumulus, which enable on-site CO2 generation for controlled environment agriculture, reducing reliance on fossil fuels.
- Collaboration with RVO: The Netherlands Enterprise Agency supported Skytree throughout the application process, demonstrating a collaborative effort to foster innovation in climate technology.
Skytree, an innovator in climate technology, has recently announced a significant financial boost with the receipt of a €2.5 million grant from the European Innovation Council (EIC) Accelerator. This prestigious funding is a part of the Horizon Europe program, aimed at bolstering Europe’s science and innovation landscape. With this grant, the total amount of funds raised by Skytree in the year 2023 hits an impressive €13 million. Additionally, the EIC Accelerator has shown further confidence in Skytree’s potential by committing to join the forthcoming Series A financing round in the spring of 2024.
In the face of stiff competition, with 648 applicants vying for the EIC’s attention, Skytree emerged as a frontrunner, joining the elite group of 47 companies awarded funding. This accomplishment is not just a reflection of Skytree’s potential but also of the robust and innovative climate solutions it proposes. Notably, Skytree is one of only four companies in the Netherlands to have achieved this distinction, with the Netherlands Enterprise Agency (RVO) playing a pivotal role in supporting Skytree through the submission process.
Rob van Straten, the CEO of Skytree, expressed his gratitude and excitement, “The EIC funding award recognizes the great potential of Skytree’s DAC technology.” He sees this funding as an enabler for the company to expedite the commercialization and further development of its products. With the first Skytree DAC units set to be delivered to customers in Europe and North America in the upcoming year, this financial injection could not have come at a better time.
Skytree’s DAC technology is designed to capture CO2 directly from the ambient air. The launch of their first commercially viable unit, the Skytree Cumulus, is poised to transform controlled environment agriculture (CEA) by enabling businesses to produce their CO2 on-site. This has the dual benefit of not only making these businesses more sustainable by reducing their carbon footprint but also decreasing their dependency on fossil fuels.
This innovative technology stands to revolutionize the CEA sector by providing a more environmentally friendly and cost-effective solution for CO2 generation. The expected outcome is a significant reduction in greenhouse gas emissions, aligning with global efforts to combat climate change.
The support from the EIC Accelerator marks a pivotal point for Skytree, signaling a bright future not only for the company but also for the broader efforts in climate change mitigation. With this financial and institutional support, Skytree is well on its way to setting a new standard in the climate technology industry, with the potential to make a substantial impact on global carbon reduction efforts.
Image provided by Skytree
