SUNYA Energy

Turnover Labs Announces $1.4M in Funding to Decarbonize the Chemical Industry

October 22, 2024
SUNYA Summary
- Turnover Labs, a NYC-based start-up, closed a $1.4 Million Pre-Seed funding round to decarbonize the chemical manufacturing industry. - The funding round was co-led by Pace Ventures and GC Ventures, along with Sandy Spring Climate Partners and other VC firms. - Turnover Labs utilizes proprietary technology from Columbia University to convert CO2 emissions from chemical manufacturing into valuable chemical building blocks. - Founded in 2022, the company aims to enable chemical manufacturers to produce products without petroleum feedstocks. - Chemical manufacturing contributes over 2 billion tons of CO2 emissions each year, with many emissions lacking technical solutions for reduction. - Founder and CEO Marissa Beatty announced that funds will help expand the engineering team, enhance business development, and accelerate research and development. - Turnover aims to build a prototype capable of recycling thousands of tons of CO2 annually. - The technology facilitates synthesizing basic chemical building blocks from CO2 emitted by manufacturing facilities. - Beatty mentioned the design focuses on durability and compatibility with existing infrastructure, making the conversion process cost-effective. - The approach aims to integrate easily within current operations of chemical plants, promoting a transition to a petroleum-free future. - Turnover Labs' system is designed to leverage existing chemical manufacturing assets, thereby reducing emissions and operational costs today.
PRESS RELEASE
Turnover Labs Announces $1.4M in Funding to Decarbonize the Chemical Industry:

Pace Ventures & GC Ventures Co-Lead Pre-Seed Round to Scale Technology to Decarbonize Petrochemicals

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- Turnover Labs, an early-stage, NYC-based start-up that aims to decarbonize the chemical manufacturing industry and change the way the world produces petrochemicals announced that it has closed a $1.4 Million Pre-Seed funding round. Pace Ventures and GC Ventures are co-leads along with Sandy Spring Climate Partners and a select handful of other leading VC firms.

Turnover Labs leverages proprietary technology pioneered and developed at Columbia University to convert "dirty" CO2 produced in chemical manufacturing -- and released into the atmosphere -- into valuable chemical building blocks. Founded in 2022, Turnover's innovative electrolysis technology will allow chemical companies to produce their products without relying on petroleum feedstocks. Research indicates that chemical manufacturing accounts for more than 2 billion tons of CO2 emissions every year; and a majority of these emissions have no current technical solutions for reduction, avoidance, or capture.

According to founder and CEO Marissa Beatty, Ph.D., Turnover will use the funds to expand its engineering team, grow business development efforts, and accelerate R&D to transition its technology from the lab to a sub-scale prototype. These critical growth steps will lead to building a real-world prototype that could "recycle" thousands of tons of CO2 annually.

"Using Turnover's technology, chemical manufacturers will be able to synthesize the most basic chemical building blocks out of the CO2 being emitted by their own facilities," Beatty said. "Our design emphasizes durability and process compatibility with existing infrastructure, and we're building our systems to be highly resilient, inexpensive, and able to scale into many different processes."

Beatty emphasized that Turnover's approach uses existing infrastructure to make conversion highly cost-effective. "Instead of building a new process to be compatible with our conversion system, we're building a system that can easily fit into the operations of virtually any chemical manufacturing plant," she said. "Our hope is that our approach will help speed the transition to a petroleum-free future because we can make use of chemical manufacturing assets that are already in place and operating. These assets still have years of life left before they're replaced with more efficient alternatives, so we're excited to offer chemical producers a way to reduce emissions and costs today."

For more information visit http://www.turnoverlabs.com.

Media Contact: 
Kathy Berardi
[email protected]
678-644-4122

SOURCE Turnover Labs