Syzygy Plasmonics (Syzygy), a developer of photocatalytic chemical reactors for fuel cell vehicles and small-scale industrial applications, raised USD 76 million in a Series C funding round led by Carbon Direct Capital. This brings the company’s total funding to USD 106 million.

The company intends to use the funds to scale up the delivery and development of all-electric reactor systems to eliminate fossil combustion from chemical manufacturing and to lower the carbon intensity of hydrogen, methanol, and fuel. Following the funding round, Carbon Direct Capital will join the Syzygy board and serve as the Series C director. 

The round was supported by new investors Aramco Ventures, Chevron Technology Ventures, LOTTE CHEMICAL, and Toyota Ventures. Existing investors including EVOK Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy, and Sumitomo Corporation of Americas (SCOA) also participated in the funding round.

Analyst QuickTake: Syzygy’s Series C funding round follows the company’s joint development agreement signed with LOTTE Chemical, LOTTE Fine Chemical (a South Korean chemical company), and SCOA, an oil and energy provider, in August 2022 . The collaboration tested a fully electric chemical reactor to produce clean hydrogen. The chemical reactor was deployed at LOTTE Chemical headquarters (HQ) in Ulsan, South Korea with operationalization planned for the second half of 2023.