1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, a key initiative under the European Innovation Council, aims to support small and medium-sized enterprises (SMEs) and startups in Europe, particularly those involved in deep-tech innovations. This program is designed to foster the development of cutting-edge technologies and to stimulate the growth of companies that can contribute to Europe's economic resilience and sustainability.

The EIC Accelerator provides funding in two forms: grants and equity investments. The grant component can reach up to €2.5 million, which is intended to cover the costs associated with developing and scaling innovative projects. This grant is non-repayable and is primarily aimed at supporting early-stage companies in overcoming the financial barriers often associated with innovation.

In addition to the grant, the EIC Accelerator offers equity funding, with amounts available up to €15 million until 2024 and subsequently reduced to €10 million from 2025 onwards. This equity investment is designed to attract additional private investment by reducing the financial risk for investors. The blended finance approach of the EIC Accelerator—combining grants and equity—enables startups to secure the necessary funding to bring their innovations to the market more effectively.

Purpose of the EIC Accelerator

The primary goal of the EIC Accelerator is to empower European deep-tech and startup ecosystems by providing not only financial resources but also strategic support. The program seeks to enhance the competitiveness of European companies in the global market by fostering innovation that aligns with societal challenges, such as climate change and health crises. By offering tailored mentorship and access to a wide network of investors and industry experts, the EIC Accelerator helps companies scale their operations and achieve market readiness.

Moreover, the EIC Accelerator plays a crucial role in bridging the gap between early-stage innovation and market entry. It supports companies in developing their business models, refining their go-to-market strategies, and establishing connections with potential partners and customers. This holistic approach ensures that funded companies can navigate the complexities of scaling and securing further private sector funding.

Carbo Culture Oy and the CARBONCAPS Project

Carbo Culture Oy, a Finnish company, emerged as a winner of the EIC Accelerator program with its innovative project, CARBONCAPS. The project focuses on efficient and verifiable carbon removal, emphasizing ecosystem co-benefits. This initiative aligns with the growing global emphasis on sustainability and carbon neutrality.

Technology Basics and Background

The CARBONCAPS project leverages advanced carbon capture and storage technology to create a sustainable solution for carbon removal. The technology involves capturing CO2 emissions from the atmosphere and converting them into solid carbon materials, which can be safely stored or utilized in various applications. This process not only helps to mitigate climate change by reducing greenhouse gas levels but also offers additional ecological benefits.

The core mechanism of the CARBONCAPS technology includes innovative processes that enhance the efficiency of carbon capture, making it both scalable and cost-effective. By integrating ecosystem co-benefits, such as soil enhancement and biodiversity preservation, the project aims to create a holistic approach to carbon management. This dual focus not only addresses climate challenges but also contributes positively to local ecosystems, enhancing soil health and promoting sustainable agricultural practices.

The funding received through the EIC Accelerator enables Carbo Culture Oy to further refine its technology, conduct in-depth research, and scale its operations. The combined grant and equity funding from the EIC Accelerator are instrumental in propelling Carbo Culture toward achieving its ambitious goals, thereby contributing to the broader European objectives of sustainability and innovation in the deep-tech sector.

Conclusion

The EIC Accelerator program represents a pivotal resource for innovative SMEs and startups across Europe, facilitating the development of transformative technologies. With its dual funding approach, the program significantly lowers the barriers to entry for companies like Carbo Culture Oy, enabling them to pioneer solutions that tackle pressing global challenges. As companies leverage this support, they contribute to a robust ecosystem that fosters innovation, sustainability, and economic growth throughout Europe.

2 The Funding Rounds

Carbo Culture Oy Funding History and Financial Developments Since EIC Accelerator Win

Carbo Culture Oy, a Finnish climate technology startup specializing in scalable biochar carbon removal solutions, has experienced notable growth in financing and investor engagement since it was awarded EIC Accelerator funding following the March 23, 2022 cut-off.

Financing Raised

• Since the EIC Accelerator award, Carbo Culture has raised significant capital to scale its operations:
• In November 2023, Carbo Culture closed an $18.3 million Series A round.
• Prior to this, the company secured a $6.2 million seed round.

Funding Rounds: Timing and Amounts

Date	Round	Amount	Notable Investors
Nov 2023	Series A	$18.0–$18.3M	GenZero (Singapore), True Ventures (US), Tesi (Finland), others
Prior to 2022	Seed	$6.2M	True Ventures (lead), Cherry Ventures (co-lead)

</em>Exact timing of the seed round is not specified in recent sources but precedes the Series A and postdates company foundation.

Investor Information

• The lead investors for the Series A were:
• GenZero: An investment platform dedicated to decarbonization solutions founded by Singapore’s Temasek.
• True Ventures: Silicon Valley-based venture capital firm with climate tech focus.
• Tesi: Finnish Industry Investment Ltd., a state-owned investment company.
• Additional participation came from other climate technology investors and family offices.

The seed round was led by True Ventures with co-lead Cherry Ventures—a Berlin-based early-stage venture fund—with further participation from undisclosed backers.

Company Valuation

As of November 2023 estimates by Dealroom.co, Carbo Culture’s enterprise valuation stood at between $72 million and $108 million. This valuation reflects both current revenues from pilot operations and expectations for commercial deployment.

Exit Events (IPO/Buyouts/Acquisitions)

There are no publicly reported exit events such as IPOs or acquisitions involving Carbo Culture Oy as of April 2025 based on available data across business intelligence platforms.

Summary Table

Round	Date	Amount	Lead Investors
Seed	~2021–22	$6.2M	True Ventures, Cherry Ventures
Series A	Nov 2023	$18–$18.3M	GenZero, True Ventures, Tesi

No exits have been recorded; recent funding is positioned toward scaling up commercialization through large-scale biochar production facilities.

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Sources

• Finland's Carbo Culture Completes $18M Series A Funding Round
• Carbo Culture company information & funding — Dealroom.co
• Carbo Culture US$18M Series A Co-led by GenZero and True ...
• Carbo Culture's Competitors, Revenue ... Owler
• Tesi's portfolio company: Carbo Culture Oy — tesi.fi
• Resources – Carbo Culture Official Site

3 The Press Releases

Overview of Carbo Culture Oy

Carbo Culture Oy, a Finnish company, is a climate technology developer that has made significant strides in the carbon removal industry, particularly following its success in the EIC Accelerator program in March 2022. The company focuses on using biochar to permanently sequester carbon from the atmosphere, addressing climate change through innovative and scalable solutions.

Technology Advancements

Carbo Culture's core technology involves a patented process called Carbolysis, which transforms biomass into stable, inert biochar. This process not only removes carbon dioxide from the atmosphere but also generates renewable energy. The company's reactors are designed to be modular and scalable, allowing for efficient expansion into commercial operations. They have developed several reactors, including R1 in California and R3 in Finland, which serve as milestones in scaling up their technology.

Partnerships

Carbo Culture has established strategic partnerships with industry leaders to further develop and deploy their biochar applications. These partnerships are crucial for expanding their technology and entering new markets. They collaborate closely with certification and testing partners to ensure the quality and accreditation of their outputs.

Team Updates

Björn Dahlen was recently promoted to Chief Technology Officer (CTO), marking a significant development in the company's leadership. He will lead the technology and engineering teams through the commercial deployment phase, leveraging his experience in deploying commercial technologies globally.

Press Releases and Updates

Recent updates from Carbo Culture include the promotion of Björn Dahlen to CTO as the company enters a commercial facilities deployment phase. They have also highlighted the role of biochar in growing media, showcasing its potential as a sustainable and carbon-neutral component for horticultural applications.

Funding

In 2023, Carbo Culture secured new growth financing, raising EUR 16 million. This funding is aimed at accelerating their carbon removal technology and positioning them for global leadership in the circular economy.

Sources

• Carbo Culture: Home
• Biochar - a permanent carbon removal solution fit for any region
• Biochar in growing media: reduces and removes emissions while ...
• Carbo Culture: Scalable carbon removal through biochar
• Björn Dahlen promoted to CTO as Carbo Culture enters commercial facilities deployment phase
• Biochar plant developer Carbo Culture relies on Lapp Automaatio's EPIC SENSORS temperature sensors
• Reactors - Carbo Culture
• Growth Strategy and Future Prospects of Carbo Culture
• Tesi's portfolio company: Carbo Culture Oy

4 The Technology Advancements

Carbo Culture Oy's Advancements Post-2022 EIC Accelerator Funding

Current Capabilities:
Carbo Culture operates as a climate tech project developer specializing in biochar-based carbon removal. Its proprietary Carbolysis™ technology converts waste biomass into stable biochar while generating renewable energy. The company has progressed from pilot reactors (R1 and R2 in California) to full-scale facilities, including the 3kt CO₂/year capacity Kerava reactor operational since 2023 and plans for a 20kt/year commercial plant (C1) by 2025[^1^][^9^].

Post-EIC Accelerator Developments:
Since winning the EIC Accelerator funding (exact award timing unspecified in public records, but referenced as recent), Carbo Culture has:

• Launched R3 Prototype: Began construction in March 2023 on its Finnish industrial pilot facility, designed for high-temperature, ultra-fast biomass conversion without toxic byproducts like bio-oils[^9^].
• Won SPRIND Grants: Secured €2.3 million from Germany’s SPRIND to develop carbon-negative conductive concrete using Biographite®, a material replacing cement/aggregate while enhancing mechanical strength and conductivity[^10^].
• Automation Scaling: Partnered with Lapp Automaatio to refine sensor-driven automation at its Kerava research facility, aiming to replicate processes globally[^5^].

Technology Improvements:
The Carbolysis™ process now emphasizes dual outputs: permanent carbon sequestration via biochar and renewable heat generation. Recent advances include optimized feedstock use (waste wood unsuitable for construction) and elimination of liquid byproducts[^9^]. The Biographite® innovation represents a new application sector beyond agriculture, targeting construction materials[^10^].

Market Demonstrations:

• Kerava Pilot Facility: Operational since 2023, this site serves as a testbed for automation systems and process refinements ahead of commercial deployment.
• Partnerships: Signed multi-year offtake agreements with Rothschild & Co for carbon removal credits and collaborated with Zendesk on corporate CO₂ removal purchases.

IP & Publications:
While no new patents are explicitly listed post-2022, Carbo Culture’s existing portfolio includes proprietary reactor designs like those used in R3. Publicly shared whitepapers or studies focus on biochar’s role in decarbonizing agriculture and construction sectors, though peer-reviewed publications are not cited in available materials.

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Sources Used:

Reactors - Carbo Culture | Homepage | Dealroom Company Profile | SPRIND Grant Announcement | ChemistryViews Article | Lapp Automaatio Collaboration

5 The Partnerships and Customers

Carbo Culture Oy: Partnerships and Advancements

Carbo Culture Oy, a Finnish climate technology company, has been actively pursuing partnerships and advancements in biochar carbon removal since receiving the EIC Accelerator funding in March 2022. Here's an overview of their recent developments:

Partnerships and Collaborations

• Rothschild & Co: Carbo Culture signed a multi-year carbon credit purchase agreement with Rothschild & Co. This partnership supports Carbo Culture's mission by ensuring a market for their carbon credits, aiding in their goal to remove a gigaton of CO2 from the atmosphere by 2030.
• LAPP Automaatio: Carbo Culture collaborates with LAPP Automaatio for temperature measurement solutions in their biochar production facilities, enhancing the efficiency and accuracy of their processes.
• SPRIND and EU Funding: Carbo Culture has received grants from the German Federal Agency SPRIND and assistance from the European Innovation Council, which aids in scaling their technology and developing new biochar applications.
• Negative Emissions Platform: Carbo Culture is part of the Negative Emissions Platform, a Brussels-based group advocating for permanent CO2 removal solutions.

New Relationships and Customers

• Zendesk: Carbo Culture signed a carbon removal purchase agreement with Zendesk, indicating growing interest in their carbon credits from tech companies.
• New Partners: While specific new partners are not detailed, Carbo Culture's participation in various industry collaborations suggests ongoing expansion in partnerships aimed at decarbonizing industries.

Nature and Purpose of Relationships

These relationships are focused on scaling Carbo Culture's biochar technology, developing new applications for biochar, and advancing carbon removal solutions. The partnerships position Carbo Culture as a leader in the carbon removal sector by securing financial support, technological collaboration, and market demand for their products.

Market Positioning and Advancement

Carbo Culture's partnerships and funding position the company as a pioneering force in carbon removal, leveraging biochar technology to achieve scalable and permanent carbon sequestration. These relationships enhance Carbo Culture's technology by providing access to advanced manufacturing solutions and ensuring a stable market for their carbon credits. This positioning is crucial for achieving their ambitious goal of removing one billion tons of CO2 from the atmosphere.

Technology Advancements

The partnerships and funding also facilitate technological advancements. For instance, the use of Carbolysis™ reactors allows for efficient conversion of biomass into stable biochar, capable of sequestering significant amounts of CO2. The collaboration with LAPP Automaatio improves temperature control, which is critical for maintaining high-quality biochar production.

Sources

• Carbo Culture: Home
• Resources - Carbo Culture
• Biochar plant developer Carbo Culture relies on Lapp Automaatio's temperature sensors
• Rothschild & Co and Carbo Culture sign multi-year carbon removal offtake agreement
• Carbo Culture Oy - Business Finland
• Henrietta Moon on Carbo Culture's Quest to Trap Atmospheric CO2

6 The Hiring and Company Growth

Carbo Culture Oy's Team Expansion and Growth Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2022, Carbo Culture has entered a commercial deployment phase, marked by strategic hires and team restructuring. While exact headcount figures remain undisclosed, the company has emphasized scaling its operational and technical capacities to meet its mission of removing one billion tons of CO₂ through biochar technology.

Key Developments

• Team Restructuring: In late 2023, Carbo Culture established a dedicated biochar commercialization team led by Kirsi Tanski (VP of Agribusiness) to accelerate sector-specific partnerships.
• Leadership Promotions: Björn Dahlen was promoted from VP of Engineering to CTO in 2023 to oversee the deployment of commercial-scale reactors. His role now includes standardizing modular reactor designs for global scalability.
• Recent Hires: The company added specialists in automation (e.g., Mikko Niemelä as Chief Automation Engineer), agribusiness, and carbon policy, reflecting a focus on industrial partnerships and certification compliance.

Growth Trajectory

Financial records suggest rapid revenue growth (61% YoY in 2023), aligning with expanded engineering and project delivery teams. Carbo Culture’s emphasis on prefabricated reactor modules indicates plans for multi-site replication, requiring expertise in process engineering and supply chain management.

Strategic Hiring Focus

Open positions are not explicitly listed but inferred from:

• Commercialization roles, particularly in agriculture/construction sectors for biochar applications.
• Engineering talent to support reactor deployments at facilities like their Kerava research site.

New team members are critical for standardizing Carbolysis™️ technology across geographies while maintaining high carbon yields (~90% stability). The promotion of Dahlen signals prioritization of reliability-driven scaling akin to energy-sector cost-reduction models.

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Sources

• Carbo Culture's biochar team announcement
• Björn Dahlen’s promotion details
• Dealroom.co financial estimates
• Automation partnership case study

7 The Media Features and Publications

Carbo Culture Oy: Overview and Recent Developments

Carbo Culture Oy, based in Finland, is a prominent climate tech startup that specializes in converting biomass into biochar, a stable form of carbon that remains in the material for thousands of years. This technology is designed to remove CO2 from the atmosphere permanently. Since receiving the EIC Accelerator funding on March 23, 2022, the company has been actively involved in scaling its patented Carbolysis™ process and expanding its operations.

Media Features and Publications

Carbo Culture has been featured in several media outlets and publications. Notably, it has been mentioned in Bloomberg for its innovative approach to using biochar as a means of carbon removal and its goal to remove a gigaton of carbon from the atmosphere by 2030. The Financial Times highlighted Carbo Culture as part of the "climate tech 2.0" movement, emphasizing the need for venture capital support in this sector. Additionally, Carbo Culture's involvement in sustainable practices has been discussed in articles exploring the role of biochar in reducing emissions in horticulture.

Podcasts and Interviews

Henrietta Moon, Co-Founder and CEO of Carbo Culture, has appeared in various podcasts and interviews. In one episode of "This Is CDR", she discussed the company's mission to amplify natural carbon cycles into permanent carbon removal using biochar. Another notable appearance was on the MCJ Collective's "Startup Series: Carbo Culture" podcast, where she delved into the company's vision, challenges, and strategies for decarbonization.

Conference and Fair Participations

Carbo Culture actively participates in industry events and conferences related to climate change and carbon removal. While specific recent conference participations are not detailed in the available sources, the company's involvement with the Negative Emissions Platform in Brussels indicates its engagement in global discussions on carbon removal strategies.

Events Involvement

Carbo Culture has been involved in numerous events and announcements since receiving the EIC funding. This includes the opening of its first industrial pilot facility near Helsinki, Finland, marking a significant step in scaling its biochar production. The company also partnered with Zendesk for carbon removal purchases and received grants from the German Federal Agency SPRIND to further its innovative carbon capture technology.

Conclusion

Carbo Culture Oy continues to make strides in the carbon removal sector through its pioneering biochar technology. With a strong presence in media and publications, active participation in industry events, and strategic partnerships, the company is well-positioned to achieve its ambitious goal of removing significant amounts of CO2 from the atmosphere.

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Sources:

• Carbo Culture: Home
• Resources - Carbo Culture
• Biochar in growing media
• Carbo Culture - US Biochar Initiative
• Carbo Culture - Biochar at Scale with Henrietta Moon, CEO
• Startup Series: Carbo Culture - MCJ Collective