What does New Iridium do?
New Iridium is a sustainable chemical innovation company focused on developing a platform that integrates thermal and photocatalytic technologies with bio-based feedstocks and captured CO2 to produce high-value, low-carbon chemicals. Its flagship products include bio-based acetic acid, ethyl acetate, and related acetate esters aimed at decarbonizing the acetyl value chain.
How much did they raise?
The company secured $2.65M in Seed funding, with the round led by Radicle Growth and CIRI Ventures and participation from Evergreen Climate Innovations and Climate Insiders.
What are their plans for the money?
New Iridium intends to use the funds to accelerate the development of its low-cost, low-carbon platform technology and to build an industrial pilot facility with a capacity of 50 metric tons per year, potentially advancing sustainable and localized chemical manufacturing.
What have they achieved so far?
Since its founding in 2020, New Iridium has made significant strides in integrating renewable inputs into chemical production, showcasing a viable platform for modular and distributed low-carbon manufacturing.