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Business

Funding for low-carbon formic acid

by Matt Blois
November 19, 2023 | A version of this story appeared in Volume 101, Issue 38
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The start-up OCOchem has raised $5 million in seed funding to build a pilot plant that will use renewable energy to electrochemically convert carbon dioxide and water into formic acid and formate chemicals. Those molecules could be used as building blocks to make chemicals, materials, and fuels that are normally produced from fossil hydrocarbons. The firm claims that its chemicals will be the same price or cheaper than petrochemical alternatives. It also received a $2.5 million US Department of Energy grant in June.

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