Dioxide Materials Awarded $4 Million to Advance CO2 Recycling Technology
CHAMPAIGN, Ill. - (BUSINESS WIRE) - Dioxide Materials has been awarded $4 million by the U.S. Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E). The award will advance further research into Dioxide Materials' technology that will produce transportation fuels and industrial chemicals electrochemically from carbon dioxide emitted by power plants. Dioxide is collaborating on the project with 3M (NYSE:MMM), a subrecipient of the ARPA-E award.
Although electrochemical recycling of carbon dioxide is not a new technology, Dioxide Materials has patented a catalyst that makes carbon dioxide recycling energy efficient for the first time ever, using three times less electricity. The technology's scientific principles have been demonstrated, but the risks need to be lowered before the technology can attract the funding needed to move into the marketplace. ARPA-E funding will allow Dioxide Materials to create the first industrially relevant prototype and lower the risks so that substantial development funding can be obtained.
"We are thankful to ARPA-E for having confidence in our technology and our partnership with 3M," said Dioxide Materials CEO Rich Masel. "Government investments like this play a huge role in the fight against global warming. We are excited and grateful for the opportunity to play a part in making America's future a sustainable one."
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