1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator Program is a significant funding initiative aimed at supporting startups and small to medium-sized enterprises (SMEs) within the European Union. This program is especially focused on high-risk, innovative projects with the potential for significant impact in various sectors, particularly in DeepTech and other advanced technologies. The EIC Accelerator provides a unique combination of grant funding and equity investment, enabling companies to scale rapidly and effectively while fostering innovation across Europe.

Funding Structure

The EIC Accelerator offers a blended finance model, which includes two main components:

Purpose and Impact on the European Ecosystem

The EIC Accelerator is designed to enhance the European startup ecosystem, particularly focusing on DeepTech innovations. By bridging the funding gap for high-risk, high-reward projects, the EIC Accelerator encourages entrepreneurship and technological advancement. The program aims to stimulate the European economy by fostering innovation that can lead to job creation, increased competitiveness, and sustainability.

The EIC Accelerator plays a vital role in helping companies secure additional funding from private investors. Through its validation and support, the program enhances the credibility of participating companies, making them more attractive to venture capitalists and other private funding sources. This, in turn, amplifies the impact of the initial funding provided by the EIC Accelerator, allowing companies to pursue ambitious growth trajectories.

Case Study: D-CRBN BV and the D-CRBN Project

Company Overview

D-CRBN BV, based in Belgium, is an innovative company that has received support from the EIC Accelerator for its project, referred to as D-CRBN. The project focuses on advancing plasma-based point-source Carbon Capture and Utilization (CCU) technology, which aims to recycle CO2 into valuable chemicals. This initiative is particularly vital for decarbonizing hard-to-abate industries such as manufacturing and energy production.

Project Description and Technology Background

The D-CRBN project leverages cutting-edge plasma technology to transform captured carbon dioxide into commercially viable chemicals. This innovative approach addresses one of the most pressing challenges of our time: reducing greenhouse gas emissions from industrial processes. Traditional methods of CO2 capture and storage often face limitations, particularly in terms of economic viability and long-term sustainability. D-CRBN's plasma-based technology offers a promising alternative.

The technology operates by utilizing plasma to generate reactive species that can convert CO2 into other chemical compounds. This process not only helps in mitigating the impact of carbon emissions but also creates added-value products, enhancing the economic feasibility of carbon capture efforts.

D-CRBN's technology is designed to be implemented at point sources, such as factory emissions, where CO2 is concentrated, making the capture and conversion more efficient. By integrating this technology into existing industrial processes, D-CRBN aims to facilitate a more sustainable and circular economy.

Funding and Future Prospects

On November 8, 2023, D-CRBN BV successfully submitted its Step 2 proposal and later excelled in the Step 3 interview, securing significant funding through the EIC Accelerator. The blend of grant funding and equity investment will enable D-CRBN to scale its operations, refine its technology, and bring its innovative solutions to market more rapidly.

In summary, the EIC Accelerator program not only fosters groundbreaking technological advancements but also plays a crucial role in supporting European startups like D-CRBN BV. Through its comprehensive funding model, the EIC Accelerator empowers companies to tackle global challenges, particularly in the realm of sustainability and decarbonization, paving the way for a greener future.

2 The Funding Rounds

# D-CRBN: Belgian Climate Tech Innovator Secures EIC Accelerator Funding

D-CRBN, a pioneering Belgian company focused on CO2 recycling technology, has successfully secured €2.5 million in grant funding from the European Innovation Council (EIC) Accelerator Program. The company, a spin-off from the University of Antwerp, was selected following the November 8, 2023 cut-off date, with results announced in February 2024.

Funding History

EIC Accelerator Grant (March 2024)

D-CRBN was among the elite 4% of applicants selected for funding in a highly competitive process. Out of 1,083 full applications submitted for the November 8, 2023 cut-off, only 42 companies secured funding, with D-CRBN standing as the sole Belgian company selected. The funding package includes:

• €2.5 million grant confirmed on March 1, 2024
• Potential additional equity investment from the European Investment Bank (negotiations ongoing)

The company plans to use this funding to develop a mobile demonstration unit for its plasma technology, capable of converting 10,000 tonnes of CO2 into CO annually.

Previous Funding Rounds

Prior to the EIC Accelerator grant, D-CRBN participated in two incubator/accelerator programs:

• Incubator/Accelerator program (June 23, 2023)
• Incubator/Accelerator program - II (July 12, 2023)

The exact amounts for these earlier funding rounds are not publicly disclosed.

Investor Information

D-CRBN has been backed by three investors according to available data. The company is currently exploring options for European funding and is planning a capital round in 2024, as mentioned by company representatives.

The company has formed strategic partnerships with major industrial players, including:

• ArcelorMittal and BASF (major carbon capture companies and potential users of carbon monoxide)
• VOPAK (specializes in storage)
• ENGIE (energy multinational focused on sustainable energy)

These partnerships strengthen D-CRBN's position in the Carbon Capture and Utilization (CCU) value chain.

Company Valuation

Specific valuation figures for D-CRBN are not publicly disclosed in the available information. The company remains in the scale-up phase, having been founded in 2021 as a University of Antwerp spin-off.

Exit Events

There is no indication of any exit events such as IPOs, buyouts, or acquisitions involving D-CRBN in the available information. The company appears to be focused on scaling its technology and expanding its operations, particularly with the recent EIC Accelerator funding.

Technology and Market Position

D-CRBN has developed proprietary plasma-based technology that efficiently converts captured CO2 emissions into sustainable feedstock, specifically carbon monoxide (CO). This technology addresses a critical need for many industrial sectors, including petrochemicals and steel manufacturing, where CO is an important feedstock currently produced from fossil sources.

The company is strategically positioned in Antwerp, home to Europe's largest integrated petrochemical cluster, which emits approximately 18 million tons of CO2 annually (out of Belgium's total 98 million tons). This location provides D-CRBN with significant market opportunities for its CO2 conversion technology.

Sources: - D-CRBN receives €2.5 Million Grant from European Innovation Council

• Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis
• Major European grant for D-CRBN recognises the importance of plasma technology
• D-CRBN Stock Price, Funding, Valuation, Revenue & Financial Analysis
• D-CRBN: Made-in-Antwerp climate technology with global potential

3 The Press Releases

D-CRBN BV: Post-EIC Accelerator Funding Developments Belgium-based D-CRBN BV, a winner of the European Innovation Council (EIC) Accelerator’s November 8th, 2023 cut-off, secured €2.5 million in grant funding under the EIC’s blended finance model. The company’s plasma-based carbon capture and utilization (CCU) technology aims to convert CO₂ emissions into sustainable feedstock for hard-to-abate industries, aligning with EU climate goals to reduce greenhouse gas emissions by 90% by 2040.

Key Details from Press Releases

• Technology: D-CRBN employs modular plasma systems to split CO₂ into reusable components like carbon monoxide and oxygen, offering a fossil-free alternative for chemical production. Their pilot line currently recycles 1,000 tons of CO₂ annually.
• Funding Impact: The grant will accelerate R&D, operational scaling, and global deployment of their systems. CEO Gill Scheltjens emphasized the competitive selection process: only 42 out of 1,083 applicants received funding in this round.
• Strategic Goals: Focus areas include expanding collaborations with industrial partners and advancing Europe’s transition to a circular economy through CCUS adoption.

No recent patents or team expansions were explicitly mentioned in available materials. Public updates are limited to announcements about the EIC grant; no additional press releases or blog posts are visible on their website as of May 2024.

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Sources

• Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis
• D-CRBN Receives €2.5 Million Grant from European Innovation Council
• The European Innovation Council Awarded D-CRBN with a €2.5 Million Grant

4 The Technology Advancements

D-CRBN BV: Post-EIC Accelerator Funding Advancements and Current Capabilities Belgium-based D-CRBN BV has leveraged its €2.5 million EIC Accelerator grant (awarded in March 2024, following the November 2023 application cut-off) to accelerate its carbon-recycling technology, focusing on industrial partnerships and scaling efforts.

Core Technology and Recent Advancements

D-CRBN’s patented Plasma ARC™ technology electrifies CO₂ conversion into carbon monoxide (CO) without catalysts or solvents, targeting industries like steel, chemicals, and e-fuels[^1^][^5^]. Since securing the EIC grant:

• Pilot Plant Operations: A pilot facility at BlueApp Innovation Hub processes 1,000 tons of CO₂ annually, serving as a testbed for modular scalability[^7^].
• Mobile Demonstration Unit: Plans are underway for a mobile unit capable of converting 10,000 tons of CO₂/year, aimed at validating commercial readiness (TRL8-9)[^7^].
• Energy Efficiency Improvements: While specific metrics remain undisclosed, the company emphasizes optimization of energy input per ton of CO produced[^2^][^5^].

Market Demonstrations and Partnerships

• ArcelorMittal Collaboration: In July 2024, D-CRBN launched a world-first trial at ArcelorMittal Gent’s steel plant. The system uses Mitsubishi Heavy Industries’ captured CO₂ to produce CO for steelmaking reductants or chemical feedstocks[^8^][^10^]. This marks D-CRBN’s first industrial-scale deployment.
• Fossil Feedstock Replacement: The company actively promotes its ability to supply “carbon-negative” CO molecules to chemical producers seeking alternatives to oil-derived feedstocks[^2^][^3^].

Intellectual Property and Publications

No new patents or peer-reviewed studies have been explicitly announced since March 2024. However:

• Existing IP includes methods for plasma-driven CO₂ dissociation in gaseous phases[^5^][^6^*].
• Technical details remain guarded as part of competitive strategy during scale-up phases[^^7^^][^^9^^].

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Sources
D-CRBN – CO2 recycling for industrials | D-CRBN takes aim at chemical sector with CO2-into-CO tech | D-CRBN wins €2.5m grant | EIC Accelerator Grant Announcement | Mobile Unit Development | ArcelorMittal Trial Press Release

5 The Partnerships and Customers

D-CRBN: Partnerships and Market Positioning

D-CRBN, a Belgian company and recipient of the EIC Accelerator funding, has established significant partnerships and customer relationships, particularly in the realm of carbon capture and utilization (CCU) technology.

Partners and Customers

D-CRBN has collaborated with major industrial companies such as ArcelorMittal, Mitsubishi Heavy Industries (MHI), BASF, ENGIE, and VOPAK.

• ArcelorMittal: D-CRBN and ArcelorMittal are involved in a project at ArcelorMittal's steel plant in Ghent, Belgium, where D-CRBN's technology is used to convert captured CO₂ into carbon monoxide for use in steelmaking or chemical production.
• Mitsubishi Heavy Industries (MHI): MHI's carbon capture technology provides high-purity CO₂ for D-CRBN's conversion process.
• BASF, ENGIE, VOPAK: These companies are part of the BluePlasma consortium, which aims to develop D-CRBN's plasma technology further for industrial applications.

New Partners and Customers

While specific new partners or customers are not detailed beyond the existing consortium and collaborations, D-CRBN continues to expand its network through the BluePlasma consortium, which includes industrial giants and research institutions like the University of Antwerp and VITO.

Nature of New Relationships and Purpose

The partnerships focus on leveraging D-CRBN's plasma technology to convert CO₂ into valuable feedstocks for various industries, including steel, chemicals, and petrochemicals. This collaboration aims to reduce greenhouse gas emissions and promote sustainable practices by converting waste CO₂ into useful products.

Market Positioning

These relationships position D-CRBN as a pioneering company in CCU technology, enhancing its market presence in the European chemical sector. Located in the Port of Antwerp, D-CRBN benefits from the region's extensive chemical cluster, which provides opportunities for industrial-scale deployment of its technology.

Technology Advancements and Scaling

The partnerships and funding from the EIC Accelerator program are crucial for advancing D-CRBN's technology. The grant supports the development of a mobile demonstration unit capable of converting 10,000 tonnes of CO₂ into CO annually, facilitating scalability and further innovation in CCU processes. The collaboration with major industrial players also aids in refining and commercializing the technology across different sectors.

Sources

• Circular CO₂ with ArcelorMittal - D-CRBN
• D-CRBN: Made-in-Antwerp climate technology with global potential
• D-CRBN – CO₂ recycling for industrials
• Major European grant for D-CRBN recognises the importance of plasma technology
• First industrial trial of new technology to recycle CO₂ emissions from ArcelorMittal
• ArcelorMittal Kicks Off New Carbon Recycling Trial In Belgium
• D-CRBN | F6S

6 The Hiring and Company Growth

D-CRBN BV: Team Growth and Hiring After EIC Accelerator Funding Belgium-based climate-tech innovator D-CRBN BV, which won EIC Accelerator funding in November 2023, specializes in converting industrial CO₂ emissions into circular chemicals using patented plasma technology. While specific details about their current headcount or hiring campaigns are not publicly disclosed since their funding milestone, insights into leadership and operational priorities can be derived from available information.

Leadership and Founding Team Stability
The company’s founding team remains intact, comprising Gill Scheltjens (CEO), a chemical engineer with expertise in plasma technology; David Ziegler (CCO), focused on scaling partnerships; and Georgi Trenchev (CTO), who leads R&D for CO₂ conversion systems. There is no indication of recent management changes, suggesting continuity in strategic vision post-EIC funding.

Growth Trajectory and Scaling Strategy
D-CRBN emphasizes modular on-site solutions to help industries decarbonize while producing carbon monoxide (CO) for chemicals, e-fuels, and polymers. Their focus on partnerships with heavy emitters—particularly in Antwerp’s industrial cluster—implies potential growth in technical roles such as engineers, project managers, or business development specialists to support deployment. While exact hiring figures are unavailable, the EIC Accelerator’s non-dilutive funding likely accelerates recruitment for scaling operations.

Future Outlook Post-Funding
New hires would primarily target expanding technical capacity for system deployments and optimizing plasma-based CO₂ splitting efficiency. Increased headcount could also strengthen their position as a key player in carbon capture and utilization (CCU), aligning with global demand for circular feedstocks.

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Sources

• D-CRBN – CO2 recycling for industrials
• About – D-CRBN
• CCU modular plasma technology
• XPRIZE Carbon Removal Overview
• D-CRBN Dealroom Profile

7 The Media Features and Publications

Media Features and Industry Presence of D-CRBN BV Since securing EIC Accelerator funding in November 2023, Belgium-based D-CRBN BV has expanded its visibility through multiple media features, conferences, and technology demonstrations. Below is a detailed overview of their public engagements and coverage:

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Media Coverage

• Gasworld’s European CO2 Summit 2025: In March 2025, CEO Gill Scheltjens presented D-CRBN’s plasma-driven CO₂-to-CO conversion technology at this Rotterdam event. The company emphasized its role in decarbonizing chemical production by replacing fossil-based feedstocks with circular alternatives[^gasworld].
• Supernova Fest Interview: CCO David Ziegler discussed the company’s mission to scale plasma-based CCU solutions, highlighting challenges in ClimateTech marketing and partnerships[^supernova].

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Publications

While specific articles are paywalled or summarized briefly:

• CO2Value Europe: Featured D-CRBN’s pilot line launch (November 2023) with a focus on its 1,000-ton annual CO₂ recycling capacity using plasma tech[^co2value].
• D-CRBN Newsroom: Regularly updates milestones such as their €2.5M EIC grant and participation in Davos 2025[^davos][^news].

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Podcasts & Interviews

No standalone podcasts are listed, but interviews include:

Supernova Fest Dialogue: Ziegler detailed the founding team dynamics and commercialization strategies for their Plasma ARC™ reactors[^supernova].

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Conference Participation

• World Economic Forum (Davos 2025): Presented CCU solutions on decarbonization panels and networked with global policymakers. CEO Scheltjens described the event as critical for amplifying industrial-scale carbon recycling[^davos].
• European CO2 Summit (March 2025): Demonstrated how their tech enables “carbon-negative” CO production for chemicals and steel industries[^gasworld].

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Event Involvement

Pilot Line Inauguration (November 2023): Launched a test facility at Antwerp’s BlueApp building to validate industrial scalability ahead of customer deployments[^co2value][^news].

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Sources Used:

-Gasworld European CO2 Summit Coverage
-Supernova Fest Interview
-CO₂ Recycling Pilot Line Launch
-Davos World Economic Forum Participation
-D-CRBN News Updates