1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are developing high-risk innovations with a strong potential for scaling. This program aims to foster breakthrough technologies and promote the development of deep tech innovations across various sectors, including climate change, healthcare, and digital technologies.

Funding Structure

The EIC Accelerator provides a unique blended finance approach, combining grants and equity investments to facilitate the scaling of innovative projects.

Purpose and Impact on the Ecosystem

The EIC Accelerator plays a pivotal role in the European startup ecosystem by bridging the funding gap that often exists for innovative companies. Many startups face challenges in securing sufficient capital due to the high-risk nature of their projects. By providing substantial financial support, the EIC Accelerator enables these companies to advance their technologies from conception to commercialization. This not only enhances the competitiveness of European firms but also contributes to the EU's strategic objectives, such as achieving climate neutrality and fostering sustainable economic growth.

Support in Scaling and Funding

The EIC Accelerator goes beyond mere financial support. It offers a comprehensive framework that includes mentoring, access to networks, and connections to potential investors. This holistic approach helps companies refine their business models, improve their market positioning, and ultimately attract further investments from the private sector. The program also facilitates collaboration with research institutions and other stakeholders, enhancing the innovation ecosystem.

Case Study: CARBOMINER LIMITED and Project C-DAC

Company Overview: CARBOMINER LIMITED, based in Cyprus, is an innovative company that focuses on carbon capture technologies. The company recently received funding through the EIC Accelerator for its project, C-DAC.

Project Acronym: C-DAC (Direct Air Capture for On-Site CO2 Utilization in Greenhouses)

Project Description: The C-DAC project aims to develop a cutting-edge solution for direct air capture (DAC) technology that enables the extraction of carbon dioxide (CO2) directly from the atmosphere. The captured CO2 will be utilized on-site in greenhouses to enhance plant growth and productivity. This dual-purpose approach not only addresses CO2 emissions but also contributes to sustainable agricultural practices.

Technology Basics and Background

The C-DAC technology leverages advanced materials and chemical processes to efficiently capture CO2. The process typically involves passing ambient air through a sorbent material that selectively absorbs CO2. Once the sorbent reaches its capacity, it undergoes a regeneration process, releasing the captured CO2 for subsequent utilization.

In summary, CARBOMINER LIMITED's C-DAC project exemplifies the innovative spirit supported by the EIC Accelerator. By harnessing advanced direct air capture technology for on-site CO2 utilization, the project not only aims to combat climate change but also advances sustainable agricultural practices, highlighting the dual impact of innovation on environmental and economic fronts.

2 The Funding Rounds

Financing Raised and Funding Rounds

Since submitting its Step 2 proposal to the EIC Accelerator on June 21, 2023, CARBOMINER LIMITED has achieved several notable funding milestones:

• In February 2024, Carbominer secured a €1.5 million (approximately $1.6 million) grant from the European Innovation Council (EIC) Accelerator Fund as part of a blended finance package. This grant is accompanied by eligibility for up to €7.5–8.1 million in equity investment at later project stages.
• The company has raised approximately $1.61 million over ten funding rounds as of mid-2024.
• Carbominer previously received investments from Ukrainian fund SMRK VC in December 2021 and December 2022; each round was reported at around $200,000.
• An additional funding event occurred in early 2023 with participation from a Swiss business angel investor.

Key Funding Rounds Timeline and Amounts

Date	Round	Amount	Investors/Funders
Dec 2021	SMRK VC	$200k	SMRK VC
Dec 2022	SMRK VC	$200k	SMRK VC
Early 2023	Angel	Undisclosed	Swiss Business Angel
Feb 14, 2024	Grant – III	€1.5M ($1.6M)	EIC Accelerator
Jun 13, 2024	Grant – IV	Undisclosed	Google for Startups Ukraine Support

Google for Startups invested as part of the broader support ecosystem; details are limited on direct capital infusion versus programmatic assistance.

Additional Potential Equity

The EIC grant includes eligibility for an additional future equity investment of up to €7.5–8.1 million (~$8+ million), pending further milestones and negotiations.

Investor Information

Carbominer’s investor base includes:

• SMRK VC (Ukrainian venture capital firm): Participated in two seed rounds.
• Swiss Business Angel: Participated in an angel round during early development.
• European Innovation Council (EIC) Fund: Provided both non-dilutive grant funding and potential future equity.
• Google for Startups Ukraine Support Fund: Participated via support programs linked to recent grants.

Carbominer reportedly has nine investors across its various rounds according to CB Insights data; however, most have not been publicly named beyond those listed above.

Company Valuations

No explicit company valuation figures have been disclosed publicly following recent funding rounds or grants. The structure of public sector innovation grants such as those provided by the EIC does not always include private market valuations unless combined with priced equity investments.

Exit Events: IPOs, Buyouts & Acquisitions

As of May 5, 2025:

• There is no public information indicating that Carbominer has undergone an IPO or been acquired/bought out.
• The company remains privately held and continues active fundraising efforts aimed at scaling technology deployment.

Negotiations are ongoing for additional private fundraising—potentially closing another round by spring—but there are no confirmed exit events announced so far.

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Sources

• Ukraine's Carbominer Signs Agreement For $1.5M EIC Accelerator Grant
• Ukrainian climate tech Carbominer secures €1.5M grant from EIC ...

-Carbominer Stock Price, Funding, Valuation, Revenue & Financial ...

-Carbominer Secured €1.5M Grant From EIC Accelerator - TechUkraine

-Carbominer company information, funding & investors

3 The Press Releases

Carbominer’s EIC Accelerator Milestones and Post-Funding Developments Ukrainian-founded Carbominer (legally CARBOMINER LIMITED in Cyprus) secured blended financing under the June 2023 EIC Accelerator cut-off, including a €1.5 million grant and eligibility for up to €7.5 million in equity for scaling its direct air capture (DAC) technology. The company specializes in modular DAC systems that integrate dry and wet capture methods, using electrochemical regeneration to release CO₂ efficiently.

Key Announcements and Updates

• Technology Deployment: Carbominer trialed a 1-ton DAC pilot unit in Vienna (August 2023), with plans to scale to a 50-ton system for greenhouse applications using EIC funding.
• Funding Utilization: The grant supports pre-commercialization activities, including production line development and partnerships with indoor agriculture providers.
• Strategic Partnerships: Collaborated with consultancy UpSpark to refine its EIC proposal, enabling efficient navigation of application hurdles like last-minute submission platform changes.
• Global Recognition: Became the first Ukrainian-led startup selected for EIC Accelerator funding, enhancing credibility for future investments.

Press Release Highlights

While no official releases from carbominer.com were found in available sources:

• Carbon Herald highlighted their focus on agricultural CO₂ utilization as a "pivotal moment" for DAC adoption in Europe.
• TechUkraine emphasized geopolitical resilience, noting operations continued despite challenges through lab-to-facility scaling backed by Swiss-Ukrainian investors.

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Sources
Carbominer Selected For Funding Grant To Implement Direct Air Capture In Agriculture By EIC Accelerator
Carbominer Secured €1.5M Grant From EIC Accelerator - TechUkraine
Carbominer: EIC Accelerator success story - UpSpark

4 The Technology Advancements

Carbominer Limited: Current Capabilities and Advancements

Carbominer Limited, a climate tech startup legally based in Cyprus but with its R&D lab in Kyiv, Ukraine, has been actively developing innovative direct air capture (DAC) technology. This technology is designed to capture atmospheric carbon dioxide (CO2) and utilize it as a valuable resource rather than a waste product.

Current Capabilities

• Technology Overview: Carbominer's DAC technology is housed in modular, plug-and-play units embedded in transportable 20ft shipping containers. This setup aims to provide CO2 captured from the air to various industries, with an initial focus on indoor agriculture in the EU, offering a sustainable and fossil-free alternative to the CO2 currently used.
• Market Focus:assistant

Carbominer Limited: Current Capabilities and Advancements

Carbominer Limited, a climate tech startup legally based in Cyprus but with its R&D lab in Kyiv, Ukraine, has been actively developing innovative direct air capture (DAC) technology. This technology is designed to capture atmospheric carbon dioxide (CO2) and utilize it as a valuable resource rather than a waste product.

Current Capabilities

• Technology Overview: Carbominer's DAC technology is housed in modular, plug-and-play units embedded in transportable 20ft shipping containers. This setup aims to provide CO2 captured from the air to various industries, with an initial focus on indoor agriculture in the EU, offering a sustainable and fossil-free alternative to the CO2 currently used.
• Market Focus: Carbominer targets several key markets, including the decarbonization of the construction industry, carbon removals, and sustainable fuels. Their business model is primarily B2B, focusing on direct sales to greenhouse operators.

Advancements Since EIC Accelerator Funding

After securing a €1.5 million grant from the European Innovation Council (EIC) Accelerator in 2023, along with the potential for up to $8.1 million in equity at later stages, Carbominer has made significant strides:

• Technology Advancement: The funding has enabled Carbominer to advance its DAC technology, focusing on improving efficiency and scalability. They are currently working on their first industrial-scale modular capture unit for pilot deployment near greenhouses.
• Pre-Commercialization Activities: With the EIC funding, Carbominer is engaging in pre-commercialization activities to establish a production line within the next four years.

Market Demonstration

Carbominer has demonstrated its technology through pilot projects. For instance, they completed a pilot demonstration of a 1-ton direct air capture machine in Vienna, showcasing their capability to deploy their technology effectively.

New Patents, Studies, and Whitepapers

There is no publicly available information indicating that Carbominer has filed new patents, published scientific studies, or released whitepapers specifically since receiving the EIC Accelerator funding. The company's focus has been on scaling its technology and preparing for market entry.

Conclusion

Carbominer Limited has leveraged the EIC Accelerator funding to enhance its DAC technology, expand its capabilities, and position itself for further growth in the carbon capture market. The company's innovative approach and successful pilot demonstrations underscore its potential to contribute significantly to global carbon reduction efforts.

Sources: - Carbominer Limited

• Carbominer | EU-Startups
• Ukraine's Carbominer Signs Agreement For $1.5M EIC Accelerator Grant
• Carbominer: EIC Accelerator success story

5 The Partnerships and Customers

Carbominer’s Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing a €1.5 million grant from the EU’s EIC Accelerator Fund in early 2024, Carbominer has advanced its modular direct air capture (DAC) technology while expanding its commercial and collaborative footprint. Below is an analysis of its partnerships, customer engagements, and market strategy:

Key Partnerships and Customers

• Carbon Trust: A long-standing collaborator aiding businesses in carbon mitigation.
• Green Climate Fund: Partnered to support emissions-reduction initiatives in developing nations.
• Undisclosed Corporate Partners: Piloted its 1-ton DAC unit in Austria (August 2023) with an unnamed partner providing facilities and third-party validation.

New Relationships Post-Funding

While specific new partners remain undisclosed post-EIC grant, Carbominer’s focus has shifted to scaling production through:

• Agricultural Sector Targeting: Prioritizing greenhouse operators in the EU for CO₂ supply contracts to enhance crop yields by up to 30%.
• Industrial Collaborations: Preparing pilot deployments for construction sites and vertical farms using captured CO₂.

Market Positioning via Partnerships

Carbominer’s alliances with sustainability-focused entities like Carbon Trust bolster its credibility in carbon removal markets. The EIC funding enables:

• Production Scaling: Development of 50-ton/year units for small farms and 250-ton/year systems for industrial clients by 2028.
• Cost Reduction Goals: Lowering capture costs from $580/ton through optimized energy use during electrochemical regeneration phases.

Technology Advancements Supported by Collaborations

Partnerships facilitate:

• Pilot Validations: Third-party testing confirms DAC efficiency under real-world conditions (e.g., Vienna trial).
• Energy Optimization Strategies: Leveraging intermittent renewable energy during off-peak hours to reduce operational expenses.

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Sources

6 The Hiring and Company Growth

Carbominer's Team Growth and Hiring Strategy Post-EIC Accelerator Funding While specific details about Carbominer’s current hiring activity or recent leadership changes remain undisclosed publicly, available data provides insights into its team dynamics and growth trajectory.

• Team Size: As of mid-2023, Carbominer operated with a 10-member team, though this likely reflects its Kyiv-based technical unit rather than the full organization (registered in Cyprus). The company has not published updated headcount figures post-EIC funding.
• Expansion Plans: The startup announced intentions to establish a production facility in Poland by 2024 and scale its carbon capture technology, implying future hiring in engineering, manufacturing, and business development roles.
• Strategic Hires: While explicit details on recent hires are unavailable, Carbominer’s management includes executives with 50+ years of collective experience across energy giants like ExxonMobil and Siemens. Partnerships with entities such as the Carbon Trust suggest potential collaboration-driven recruitment.
• Scaling Impact: New team members would likely focus on deploying modular DAC units capable of capturing ~46 tonnes/year CO₂ per device, advancing R&D for lower energy consumption (~2,500 kWh/ton benchmarks set by competitors highlight industry targets), and securing agricultural clients for on-site CO₂ utilization.

The EIC Accelerator funding could accelerate talent acquisition to meet these goals, though geopolitical challenges (e.g., martial law restrictions in Ukraine) may complicate operations for its Kyiv contingent.

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Sources

• Six carbon capture startups and scaleups to watch - Sifted
• Carbominer SWOT Analysis – CanvasBusinessModel.com
• The new wave of climate tech startups capturing carbon across Europe - TNW

7 The Media Features and Publications

Media Features and Publications Carbominer has been featured in multiple industry-specific platforms highlighting its modular direct air capture (DAC) technology. DevelopmentAid emphasized its mission to decarbonize industries through transportable CO₂ capture units, while EU-Startups detailed its B2B model targeting European greenhouse operators. Thought For Food’s content hub showcased Carbominer’s role in addressing energy challenges exacerbated by the Russia-Ukraine war, including plans to expand manufacturing to Poland.

Podcasts and Interviews
While no direct podcasts featuring Carbominer’s team were identified in available sources, The Carbon Removal Show podcast (focused on carbon removal technologies) could serve as a relevant platform for similar climate tech innovators. Specific interviews with Carbominer’s founders, such as CEO Nick Ostapenko and co-founder Viktoria Oseyko, were highlighted by Thought For Food regarding their participation in accelerators like TFF Academy.

Conferences and Events
Carbominer has participated in startup accelerators and pitch competitions since 2019, including ClimateLaunchpad (where it ranked Top 1 nationally and Top 16 globally). Though not explicitly cited for recent conference attendance, INSCIENCE CONFERENCE 2024—focusing on ecology, energy, and deep tech—aligns thematically with Carbominer’s scope. The company has also engaged with the TFF Academy for business model refinement and investor outreach.

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Sources

• DevelopmentAid: Carbominer Limited
• EU-Startups: Carbominer
• Thought For Food: Carbominer
• The Carbon Removal Show Podcast
• INSCIENCE CONFERENCE 2024