Calgary's Carbonova Secures Major Funding to Propel Cleantech Innovation
Carbonova Fuels Calgary's Cleantech Future
Calgary-based cleantech innovator Carbonova has secured significant financing to accelerate its C$13.6 million Commercial Demonstration project in Alberta, marking a pivotal step in transforming greenhouse gas emissions into high-performance carbon nanofibers (CNF). This substantial investment underscores growing confidence in Alberta's potential as a leader in sustainable technology and bolsters Calgary's reputation as an emerging cleantech hub.
Strategic Investments Power Progress
The company recently closed an oversubscribed C$5.1 million equity financing round, attracting a syndicate of strategic and private investors. This success builds upon an earlier C$4.38 million grant from Emissions Reduction Alberta (ERA), an entity crucial to Alberta's cleantech policy framework. Carbonova's CEO and co-founder, Dr. Mina Zarabian, noted that this funding validates their technology and global potential, propelling them towards commercial demonstration.
CDU-25: A Local Landmark for Global Solutions
The new capital is earmarked for the construction of Carbonova's first commercial demonstration unit (CDU-25) in Calgary. Slated for commissioning in mid-2027, this unit will utilize Carbonova's patented catalytic process to convert captured CO₂ and natural gas into 25 tonnes of advanced carbon nanofibers annually. These CNFs offer superior performance compared to traditional materials, with applications spanning batteries, composites, and construction.
Aligning with Alberta's Economic & Environmental Goals
Carbonova's project directly aligns with Alberta's strategic economic diversification and emissions reduction objectives. ERA's support, funded by the province's TIER system, exemplifies the government's commitment to achieving carbon neutrality by 2050 through innovative clean technologies. For Calgary, this expansion promises job creation during construction and operation, attracting skilled talent and reinforcing the city's economic resilience, a key focus for Calgary Economic Development as it champions the cleantech sector's projected C$61 billion contribution to Alberta's GDP by 2050.
