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Uk Carbon Capture Startup Mzt Closes Usd $5M Fundraise Led By Breakthrough Energy Ventures

May 12, 2022•about 3 years ago

Amount Raised

$5 Million

London

Description

Mission Zero Technologies (MZT), a UK-based direct air capture (DAC) technology startup announced today the close of its USD $5M seed financing round with investment from Breakthrough Energy Ventures (BEV) and Anglo American. MZT will use the new investment to expand and accelerate its scale-up R&D activities and business operations, and to support its delivery of both the designed 120 tons/year pilot plant and a subsequent planned first commercial project. As part of the current round, the company welcomes two experienced additions as Board members: Dr Mark Hartney from BEV and Mark Freed from Anglo American to provide expert steering for the company’s rapid growth.

Company Information

Company

Mzt

Location

London, Ontario, Canada

About

As part of the current round, the company welcomes two experienced additions as Board members: Dr Mark Hartney from BEV and Mark Freed from Anglo American to provide expert steering for the company’s rapid growth. Since its incorporation in the summer of 2020 by spinning out from DSV, the company has won various accolades and been featured on multiple shortlists including the 2020 Diamond List. The company is currently developing its first pilot for launch in 2023 in Thetford, UK, in partnership with O.C.O Technology. MZT will use the new investment to expand and accelerate its scale-up R&D activities and business operations, and to support its delivery of both the designed 120 tons/year pilot plant and a subsequent planned first commercial project. MZT has also received a grant from the payments company Stripe for carrying out early-stage R&D, and via non-dilutive funding provided by the UK's Department for Business, Energy, and Industrial Strategy (BEIS) to design a first pilot plant.