Daphne Technology, a Swiss climate tech startup addressing the Greenhouse Gas (GHG) challenge, continues to attract world leaders of the global economy. Investors in this round include Shell Ventures, Trafigura, AET, and Saudi Aramco Energy Ventures, all committed to limiting global warming.
To remind, Daphne leverages innovative technology to remove toxic and GHG emissions such as nitrogen oxides, methane and carbon dioxide from the combustion gas of any fuel type, including oil, LNG, biofuels, ammonia, and hydrogen.
The plug-and-play solution breaks down the pollutants, converting them into non-hazardous by-products, which are either released into the environment or transformed into valuable products. As a result, Daphne contributes to a circular economy and a significant reduction in GHG emissions.
The vision of Daphne Technology is to convert toxic and GHG pollutants such as nitrogen oxides, methane and carbon dioxide into upcycled and useful products, both at sea and on land. The company is currently pursuing commercial deployment and scale up and is positioning its solutions in landmark projects.
Because Daphne’s technology can be applied to multiple fuel types, it has the potential to make a substantial impact across the energy system.
In light of the above, Shell Ventures led the CHF 10 million capital raise along with Trafigura. AET, and all previous investors co-invested, including Saudi Aramco Energy Ventures and the Innovation Fund. The capital raise earmarks the second round of funding since Daphne Technology spun off from the Swiss Federal Technical Institute (EPFL) in 2018.
“Daphne’s technology addresses a significant challenge in the hard-to-abate marine space when it comes to reducing greenhouse gas emissions. Their plug-and-play solution has enormous potential to also help other sectors, and we look forward to supporting them in their journey.”…Peter van Giessel, Investment Director, Shell Ventures, commented.
According to Margaux Moore, Head of Energy Transition Research at Trafigura, the ability to capture emissions from hydrocarbon maritime fuels and meaningfully reduce emissions in the short-term is a critical component of the industry’s transition to net zero emissions, in which multiple fuels and multiple abatement solutions will be required.
This investment fits well with the company’s strategy to invest in and develop technologies and business models that will be required for the transition to net zero.
We are proud to have attracted best-in-class strategic investors all committed to working together, with Daphne, for an economically sustainable energy transition. The capital raise enables us to deploy our systems and expand our portfolio of emission reduction solutions. The transition to a more sustainable economy represents a historic investment opportunity.
…Dr. Mario Michan Founder & of Daphne, concluded.