Carbon conversion startup OCOchem has successfully raised $5 million in Seed funding, with TO VC leading the investment round. Other participants in the funding include INPEX Corp., the LCY Lee Family Office, MIH Capital Management, and Halliburton Labs, Halliburton Company’s energy and climate tech accelerator.
OCOchem, based in Richland, Washington, is focused on commercializing a novel method for producing versatile carbon-neutral platform molecules by electrochemically converting recycled carbon dioxide (CO2), water, and clean electricity into formic acid and formate chemicals.
The proprietary technology developed by OCOchem enables the creation of a wide range of essential chemicals, materials, and fuels in a sustainable and cost-effective manner. These products, conventionally derived from fossil fuel-based hydrocarbons, can now be produced using a more environmentally friendly building block molecule.
The company plans to utilize the newly raised funds to scale its modular carbon conversion technology to industrial proportions and establish a pilot plant for commercial demonstration operations.