Carbon to Value Initiative Builds Up Carbontech Ecosystem in Year 3


Three years ago, a group of startup-support organizations and the New York State Energy Research and Development Authority (NYSERDA) came together to launch the Carbon to Value (C2V) Initiative—a first-of-its kind partnership driving the creation of a thriving innovation ecosystem for the commercialization of carbontech—in response to the gigaton-scale need for CO2 removal

Led by the Urban Future Lab at NYU Tandon School of Engineering, Greentown Labs, and Fraunhofer USA, the C2V Initiative’s accelerator brings together innovative carbontech startups with a group of corporate, nonprofit, and government leaders—known as the Carbontech Leadership Council (CLC)—who foster commercialization opportunities and identify avenues for technology validation, testing, and demonstration.

The initiative’s third cohort included eight carbontech startups that were chosen in a highly competitive selection and deliberation process that saw more than 160 applications from 26 countries. Over the six-month accelerator, the startups collaborated with the CLC and received extensive mentorship to advance their commercialization efforts and de-risk their carbontech solutions; 19 advisors from the CLC were paired with the startups to offer hands-on expertise. 

Year 3 followed on the heels of two successful iterations of the accelerator. In its first three years, the C2V Initiative has supported 26 groundbreaking startups that have raised over $400M in follow-on funding, leading to partnership engagements and 200+ business relationships, technology advancement, and industry growth. Detailed results from Year 1 and Year 2 are available.

Read about the Year 3 startups, their progress during the accelerator, and initial outcomes below, and check out a recording of the C2V Initiative Year 3 Final Showcase here!

As always, this is but a fraction of the total outcomes that we expect from the program, which can sometimes take months or years of collaboration to bring to fruition—and often details are covered by non-disclosure agreements in the near-term.

Want to stay in the know with all future program outcomes or be the first to hear when applications open for Year 4 of the C2V Initiative? Sign up for the C2V Initiative’s newsletter. Interested in joining the CLC or supporting the initiative? Reach out here.

Mitico (formerly known as C-Quester)

Technology at a glance: Mitico’s solution for carbon capture uses dry, granular metal carbonate purification technology with integrated measurement, reporting, and verification. The startup, formerly known as C-Quester, is based in Los Angeles, CA.

Work with CLC members: Mitico worked closely with NRG Energy and Fluor, hosting Fluor for a tour of its site and visiting NRG’s WA Parish facility. The startup received letters of support from both CLC members for a joint grant submission, and the two corporates offered C-Quester their technical, business, climate, and carbon-related expertise.

C-Quester’s team also worked with a NYSERDA expert-in-residence to strengthen its IP and commercialization strategies and explore opportunities to deploy its systems in New York State.


Technology at a glance: Based in Ithaca, NY, Capro-X deploys a biorefining platform that upcycles organic waste to fatty-acid building block biochemicals that can be used in a wide range of applications.

Work with CLC members: Capro-X collaborated closely with Unilever during the accelerator, with the corporate conducting material testing of Capro-X’s MCT oil; the two are exploring integrating the oil into Unilever’s beauty products, as well as upcycling waste from Unilever’s dairy facilities.

Capro-X also worked with BASF to explore how the corporate could utilize Capro-X’s fatty-acid products. Capro-X is in discussions with Johnson Matthey on future potential partnerships. The startup is also continuing its relationship with Fluor, working with the company via its business incubation program.

Through NYSERDA’s expert-in-residence program, Capro-X was able to receive advice from experts in engineering commercialization and lubricants; with the help of one of these advisors, Capro-X secured a pilot with a major upstate NY dairy processor, to be announced later this year. 


Technology at a glance: Capture6, located in Oakland, CA, removes carbon from the atmosphere while producing clean water and other industrial products from seawater or other saltwater inputs.

Work with CLC members: Capture6 is working with Fluor’s mining team on a carbon-storage feasibility study and is continuing conversations with Carbon Direct, Johnson Matthey, and W.L. Gore & Associates on future funding and partnership opportunities.

Carbon To Stone

Technology at a glance: Carbon To Stone is developing a carbon-mineralization technology coupled with high-value minerals and metals recovery. The startup hails from Ithaca, NY.

Work with CLC members: Carbon To Stone received significant guidance on funding sources and commercialization strategies from Carbon Direct, XPRIZE, Johnson Matthey, and NYSERDA’s expert-in-residence program. The startup is engaging Fluor in conversations about potential partnership synergies.


Technology at a glance: Dioxycle is building an electrolysis platform to convert carbon emissions into chemicals and fuel building blocks. Dioxycle is based in Paris, France, and Menlo Park, CA.

Work with CLC members: Dioxycle is in talks with BASF and W.L. Gore & Associates to explore potential collaborations.


Technology at a glance: enaDyne, based in Freiberg, Germany, develops non-thermal plasma catalysis reactors to convert CO2 into chemicals and fuels.

Work with CLC members: Unilever helped enaDyne with market research, customer discovery, and exploration of supply-chain integrations. The startup is also deep in discussions with BASF and Johnson Matthey about potential collaborations.

Global Algae Innovations

Technology at a glance: Global Algae Innovations grows algae that capture CO2 from the atmosphere to produce protein and oil for food and industrial use. The startup is located in San Diego, CA.

Work with CLC members: Global Algae Innovations utilized NYSERDA’s expert-in-residence program and is continuing conversations with several CLC members about future collaborations.


Technology at a glance: TerraFixing, located in Ottawa, Canada, develops a direct-air-capture technology for cold climates using zeolite-based, adsorbent materials.

Work with CLC members: TerraFixing is deep in talks with Johnson Matthey to explore partnership opportunities. The startup also worked with a NYSERDA expert-in-residence to identify key hires, formulate job descriptions, and develop strategies to attract top talent.

What’s Next for the C2V Initiative?

Initially launched as a three-year program, the C2V Initiative has had significant impact and garnered immense support from both CLC members and carbontech startups. In response to this overwhelming demand and the ever-growing need to bolster later-stage companies, we are delighted to announce the upcoming launch of a new three-year cycle for the C2V Initiative.

Many of our existing CLC partners have already re-committed for this next phase, and we are also excited to welcome new CLC members from various industries. If you are interested in joining the C2V Initiative as a partner, now is the time to reach out.

We plan to formally announce the new CLC formation and initiate the call for startup applications in the coming months. Register for updates to stay informed about the latest developments!