ReCarbon, the developer of a revolutionary greenhouse gas utilization technology platform, announces today the closing of its Series B-1 funding round. In addition, ReCarbon welcomes two important partners, POSCO, one of the largest steel companies in the world, and GS Holdings Corporation, a Fortune 500 energy and utility company.
ReCarbon Founder and CEO, Dr. Jay Kim said, "We envision ReCarbon as a foundation for global climate-positive, decarbonization solutions. We are thrilled to close this funding round and to execute important business cooperation agreements with POSCO and GS Holdings. We are accelerating our product deployment with our ecosystem partners and the realization of our mission to restore the Earth."
"Decarbonizing hard-to-abate industry sectors is at the core of our Corporate Citizenship and ESG goals. We recognize the significant contribution that ReCarbon will play in helping POSCO and other companies reach these critical goals for global industry sustainability. We are pleased to enter into this venture fund investment of USD 7 million into ReCarbon, towards far-reaching climate positive outcomes." – Mr. Daeho Shin, Group Leader, POSCO Venture Fund Group
"As a strategic investor of ReCarbon, GS Holdings continues its commitment to invest into companies who have the shared vision of promoting future growth through digital and climate positive technologies. In collaboration with GS, we expect the application of ReCarbon's excellent technology will produce outstanding results in the future zero carbon era." – Mr. Suh Hong Hur, Senior Executive Vice President, GS Holdings
These key developments underscore ReCarbon's fast moving progress to scale by continuing to grow its network of industry partners and stakeholders.
ReCarbon is an energy and chemicals company that recycles GHGs into valuable energy and decarbonized products such as hydrogen and syngas.
The world's most competitive steelmaker for 12 consecutive years, POSCO is pursuing "Corporate Citizenship: Building a Better Future Together" including substantive ESG goals.
The 8th largest Korea-based global conglomerate, GS Holdings manages an array of subsidiaries with a leading presence in the energy and fuel sector via GS Energy and GS Caltex.