1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are developing innovative technologies. The program focuses particularly on deep-tech solutions that have the potential to create significant societal and economic impact. By providing financial support and mentoring, the EIC Accelerator aims to foster the development and scaling of groundbreaking innovations that address critical challenges, including climate change, healthcare, and digital transformation.

Funding Structure

The EIC Accelerator offers a dual funding mechanism comprising grants and equity investments.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a vital role in the European startup and DeepTech ecosystem by addressing the funding gap that often hinders the growth of innovative companies. By providing both grant and equity funding, the program significantly lowers the financial barriers to innovation. It encourages private sector investment by validating the technological and market potential of supported projects, thus increasing the chances of attracting additional funding from venture capitalists and other investors.

The program also offers mentoring and advisory services, connecting companies with industry experts and potential partners, which further facilitates their scaling efforts. The EIC Accelerator aims to create a robust pipeline of innovative solutions that can contribute to the European Union's economic growth and sustainability goals.

EIC Accelerator Winner: Carbon Atlantis GmbH

Company Name: Carbon Atlantis GmbH
Website: carbonatlantis.com
Country: Germany
Project Acronym: CAPTURE
Funding Type: Grant Only
Submission Date: March 13, 2024

Project Overview: CAPTURE

The CAPTURE project by Carbon Atlantis GmbH aims to address the pressing issue of carbon dioxide emissions by developing a minimum viable product (MVP) known as the Gen3 stack. This innovative technology is designed to capture 500 tonnes of CO2 per year directly from the atmosphere, contributing to the reduction of residual emissions that remain after conventional mitigation efforts.

Technology Basics and Background

The Gen3 stack employs advanced direct air capture (DAC) technology, which utilizes chemical processes to extract CO2 from ambient air. This technology is critical in the fight against climate change, as it provides a means to remove greenhouse gases that are already present in the atmosphere.

The process begins with the intake of air, which is then passed through a series of filters or sorbents that chemically bind CO2. Once the sorbents are saturated with CO2, they undergo a regeneration process, usually involving heating, to release the captured gas. The captured CO2 can then be stored safely or utilized in various applications, such as carbon-neutral fuels or building materials.

The CAPTURE project represents a significant advance in DAC technology, aiming to make CO2 removal economically viable and scalable. By focusing on the construction and deployment of the Gen3 stack, Carbon Atlantis GmbH targets both environmental sustainability and commercial potential.

Through the EIC Accelerator's support, Carbon Atlantis GmbH is positioned to validate its technological innovations and prepare for broader market deployment, ultimately contributing to the larger goal of mitigating climate change through effective carbon management solutions.

2 The Funding Rounds

Financing Raised and Funding Rounds

Carbon Atlantis GmbH, a German deep-tech startup focused on breakthrough CO₂ capture technology, has raised financing through several mechanisms since its inception. The company’s early-stage funding included a seed round led by Atlantic Labs. While the exact amount of this seed investment is not publicly disclosed, it marked the initial institutional backing for Carbon Atlantis prior to their significant European Innovation Council (EIC) Accelerator win.

In March 2024, Carbon Atlantis successfully secured EIC Accelerator funding following their Step 2 proposal submission and Step 3 interview. This award was part of a competitive call in which only 68 companies out of nearly 1,000 applicants were selected for support from a total pool of €411 million. The predominant funding structure was “blended finance,” combining both grant and equity investments—a model chosen by roughly 96% of winners in this call.

Timing and Amounts

• Seed Round: November 2022 (Investor: Atlantic Labs). Specific financial details undisclosed.
• EIC Accelerator Award: Selection announced July 2024 for proposals submitted at the March cut-off (March 13, 2024).
• Average ticket size per company in this round was €6.04 million.
• Average split: approximately €2.46 million as grant and €3.71 million as equity per recipient company based on aggregated data for all selected companies; actual amounts may vary depending on due diligence outcomes by the EIC Fund.

Investor Information

• Seed Investor: Atlantic Labs participated in Carbon Atlantis's early financing round.
• EIC Accelerator Equity Component: The European Innovation Council Fund acts as an investor through its equity mechanism, typically taking a minority stake to support scale-up without exerting controlling influence over portfolio firms.

There are no publicly available reports indicating additional private or venture investors joining post-seed or alongside the EIC’s participation as of May 2025.

Company Valuations

No explicit valuation figures have been published regarding Carbon Atlantis post-EIC funding or after its seed round with Atlantic Labs. However, participation in the EIC Accelerator—particularly via blended finance—often implies valuations that align with late-seed to Series A European deep-tech startups receiving multi-million-euro tickets from public-private sources.

Exit Events (IPO/Buyouts/Acquisitions)

As of May 2025:

• No evidence exists that Carbon Atlantis has undergone an exit event such as an IPO, acquisition, or buyout.
• The focus remains firmly on scaling operations following demonstration plant deployment funded via recent grants/equity rather than pursuing liquidity events at this stage.

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Sources

• Carbon Atlantis Project to Undo Residual Emissions – CORDIS
• EIC Accelerator March 2024 Results – Rasph
• Eight Bavarian deep-tech start-ups to receive EIC funding – BayFOR
• EIC Accelerator Statistics and Results from March Call – Strata.team
• Latest EIC Accelerator Results – Rasph
• Carbon Atlantis was seeded by Atlantic Labs – Nordic9

3 The Press Releases

Carbon Atlantis GmbH: Post-EIC Accelerator Funding Developments

Carbon Atlantis GmbH, a Munich-based direct air capture (DAC) innovator, secured EIC Accelerator funding in March 2024 for its CAPTURE project, which aims to deploy its third-generation electrolyzer (Gen3) capable of capturing 500 tonnes of CO₂ annually. The technology targets reducing costs below €75/tonne at scale, with ambitions to remove 100 megatonnes annually by 2045.

Key Developments Since Funding

• Global Partnerships:
• Deep Sky Collaboration: In December 2023, Carbon Atlantis announced a partnership with Canadian carbon removal developer Deep Sky to install a DAC unit in Quebec by 2025. The system will capture and liquefy CO₂ for storage, aiming to validate scalability and energy efficiency.
• Cella Mineral Storage Pilot: Partnered with Cella Mineral Storage and Octavia Carbon in Kenya for a mineralization pilot ("Project Hummingbird") using captured CO₂. Testing began in late 2024 at a site leveraging geothermal energy and basaltic rock formations.
• Technology Roadmap:
• The Gen3 electrolyzer uses electricity-driven solvent circulation to capture CO₂ directly from air. Its modular design targets industrial-scale deployment by the late 2020s.
• Aims include certifying carbon removals through platforms like Puro.earth for voluntary markets.
• Market Positioning:

Recognized as a supplier in Frontier’s third round of carbon removal pre-purchases, signaling credibility in high-durability solutions.

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Sources

• EIC Accelerator: Statistics and Results from the March 2024 call
• Carbon Atlantis Project to Undo Residual Emissions
• Deep Sky and Carbon Atlantis DAC Deployment
• Cella Mineral Storage Partnership Announcement

4 The Technology Advancements

Carbon Atlantis GmbH: Current Capabilities and Advancements

Carbon Atlantis GmbH, a Munich-based company, has been at the forefront of developing innovative Direct Air Capture (DAC) technology. The company's primary focus is on reducing the costs associated with capturing carbon dioxide from the atmosphere, utilizing a patented electrolyzer for acid/base production. This approach enables low-cost, scalable DAC, making it a promising solution for carbon removal.

Current Capabilities

• Technology: Carbon Atlantis uses a hydrolyzer-based system that leverages elements from the hydrogen industry, specifically membrane-based electrolyzers and fuel cells. Instead of producing hydrogen, it generates acids and bases to capture CO2 without relying on heat, potentially lowering the cost of DAC.
• Partnerships and Deployments: The company has partnered with Deep Sky to deploy a DAC unit in Canada, capable of removing 260 tonnes of CO2 per year. This unit is set to be operational in 2025 at Deep Sky's pilot facility in Quebec.

Advancements Since EIC Accelerator Funding

As of March 2024, there is no specific information available on advancements directly tied to the EIC Accelerator funding received by Carbon Atlantis GmbH. However, the company has undergone significant changes and developments:

• Rebranding: Carbon Atlantis GmbH has rebranded as Phlair, which is a sign of evolving identity and strategy in the DAC market.
• Seed Financing Round: Phlair (formerly Carbon Atlantis) secured a €14.5 million seed financing round in September 2024, led by Extantia and including other investors. This funding aims to accelerate the development of two pilot plants, each capable of capturing 260 tons of CO2 per year, and lay the groundwork for a large-scale commercial plant with a capacity over 20,000 tons per year.
• Technological Innovation: Phlair's hydrolyzer technology continues to be a key focus, offering a cost-effective approach to DAC by not relying on heat for CO2 capture.

Demonstrations and Market Presence

• Pilot Plants: The company plans to establish pilot plants as part of its expansion strategy, demonstrating its technology in a controlled environment before scaling up.
• Commercial Plant Plans: A large-scale commercial plant is expected to commence operations in 2026, marking a significant step towards deploying its technology on a larger scale.

Patents and Scientific Studies

There is no recent information available on new patents or scientific studies published by Carbon Atlantis GmbH since the rebranding to Phlair. However, the company's innovative approach to DAC using hydrolyzers represents a significant advancement in reducing costs associated with the technology.

Conclusion

Carbon Atlantis GmbH, now operating as Phlair, continues to evolve in the DAC market with significant advancements in technology and funding. The company's focus on cost-effective, scalable DAC solutions positions it as a key player in the carbon removal industry.

Sources

• Deep Sky and Carbon Atlantis to Deploy Direct Air Capture (DAC) in Canada
• Phlair raises €14.5M to rapidly scale its hydrolyzer-based Direct Air Capture (DAC) technology
• Dentons advises German climate startup Phlair on seed financing round
• Carbon Atlantis Project to Undo Residual Emissions
• Deep Sky And Carbon Atlantis To Deploy DAC Technology In Canada
• Phlair's carbon-sucking technology could lower direct air capture's costs
• EIC Accelerator March 2024 Results
• Expanding carbon removal horizons

5 The Partnerships and Customers

Carbon Atlantis GmbH (Now Phlair): Strategic Partnerships and Market Positioning Post-2024 EIC Accelerator Funding Carbon Atlantis GmbH, a Munich-based Direct Air Capture (DAC) technology company, has undergone significant developments since early 2024, including a rebranding to Phlair in late 2024. Below is an analysis of its partnerships, customers, and market positioning based on recent activity:

Key Partnerships and Customers

• Nature: Collaboration to deploy DAC units at Deep Sky’s Quebec pilot facility starting in 2025.
• Purpose: Validate Carbon Atlantis’ electrolyzer-based DAC technology for commercial scaling. The partnership will test performance metrics like energy efficiency and CO₂ removal capacity.

• Nature: Joint demo pilot in Kenya using Cella’s mineralization tech paired with Carbon Atlantis’ captured CO₂.
• Purpose: Demonstrate end-to-end carbon removal by combining DAC with permanent storage solutions. Testing began in late 2024 alongside Octavia Carbon.

Mentioned as a pre-purchase partner for high-quality carbon removals via Frontier’s third round of procurement, though specifics post-rebranding remain unclear.

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Rebranding to Phlair and New Developments

• Name Change: Officially rebranded to Phlair by September 2024 after securing €14.5M in seed funding led by Extantia, Planet A, Verve Ventures, and others.
• Funding Use: Accelerate deployment of two 260-ton/year DAC plants (operational by 2025) and prepare a >20k-ton/year commercial plant by 2026.

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Market Positioning Post-Rebranding

Phlair’s partnerships position it as:

• A low-cost DAC provider leveraging electrolysis for scalability, critical for meeting corporate net-zero demands (e.g., Shopify as an early customer).
• A global collaborator with projects in Canada (storage-focused) and Kenya (mineralization-focused), aligning with regions rich in renewables or basalt geology.

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Technology Advancements Through Partnerships

Collaborations enable:

• Real-world validation of energy efficiency claims via Deep Sky’s monitoring infrastructure ^..Note: Specific technical advancements are not detailed post-rebrand.
• Integration with mineralization partners like Cella to address durability concerns in carbon credits markets ^..Note: Further details on tech improvements are not yet public.

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Sources

• Phlair Raises €14.5 Million ESG Today | Sep 19, 2024
• Munich-Based Phlair Funding Round EU Startups | Sep 19, 2024

+ Phlair Website + Deep Sky-Carbon Atlantis Partnership Carbon Herald | Dec 14, 2023 + Cella-Carbon Atlantis Kenya Pilot Carbon Herald | Feb 23, 2024 + Dentons Legal Advisory for Phlaire Dentons Newsroom | Sep 23, 24

(Note: The EIC Accelerator win mentioned is not reflected in publicly available data up to October 1st, §*, but funding rounds align closely with typical EIC timelines.)_

6 The Hiring and Company Growth

Carbon Atlantis GmbH: Team Growth and Strategic Developments Post-EIC Accelerator Funding

Carbon Atlantis GmbH, now rebranded as Phlair, has demonstrated significant momentum in scaling its operations following its 2023–2024 financing rounds and partnerships. While specific details about hiring activities post-March 2024 EIC Accelerator award are not publicly disclosed, the company’s growth trajectory and leadership structure provide insights into its team dynamics.

• Current headcount: The company reported 1–10 employees in early 2024, though this likely expanded after securing a €14.5 million seed round in September 2024.
• Leadership team: The core leadership remains intact, including CEO Malte Feucht (robotics background), CTO Paul (AI/robotics expertise), and CSO Steffen (PEM electrolysis PhD). No major management changes have been reported post-rebranding to Phlair.
• Key hires: While recent hires are unspecified, the company emphasizes technical expertise across electrochemistry, robotics, and carbon capture—critical for advancing its DAC technology. Legal advisors such as Dentons’ Thomas Strassner supported recent financing efforts but are external partners.
• Growth drivers: The seed funding accelerates deployment of two pilot plants (260 tCO2/year capacity) and a commercial-scale facility (>20k tCO2/year by 2026). This scaling necessitates specialized roles in engineering, plant operations, and R&D.
• Strategic impact: Partnerships with Deep Sky for Canadian DAC deployment (planned for 2025) highlight cross-functional collaboration needs in logistics, energy systems, and carbon storage—areas where new talent would bolster operational readiness.

The rebranding to Phlair reflects a focus on atmospheric CO₂ removal solutions beyond direct capture, suggesting potential diversification of roles in product development or commercialization teams.

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Sources
Dentons advises climate startup Phlair on seed financing
Carbon Atlantis team profile
Carbon Atlantis becomes Phlair
Deep Sky partnership announcement

7 The Media Features and Publications

Carbon Atlantis GmbH Since Receiving EIC Accelerator Funding

Carbon Atlantis GmbH, based in Munich, Germany, has been a prominent player in the carbon capture technology sector. Since receiving the EIC Accelerator funding on March 13, 2024, the company has made significant strides in developing and deploying its innovative Direct Air Capture (DAC) technology.

Media Features and Publications

Carbon Atlantis has been featured in several publications, highlighting its breakthrough electrolyzer technology for cost-effective and scalable DAC. EU-Startups noted the company's efforts in developing a first-of-a-kind DAC technology, emphasizing its potential in reducing carbon emissions. Sifted also covered the company, focusing on its ability to capture CO2 and convert it into rock carbonates for storage.

Content from Publications

Publications have highlighted Carbon Atlantis's mission to solve the climate crisis by capturing carbon through a cost-effective and scalable DAC technology. The company aims to utilize or permanently store the captured CO2, often in collaboration with partners. Its technology involves circulating a liquid solvent through the system to capture and separate CO2 using electricity, which is then compressed and liquified for transport and storage.

Podcasts and Interviews

While specific podcast interviews featuring Carbon Atlantis are not detailed in the available information, the company's involvement in the carbon removal sector has been recognized as part of a broader industry discussion. For instance, discussions on carbon removal technologies often involve companies like Carbon Atlantis, which are working on scalable solutions.

Conference and Fair Visits

There is no specific information available on recent conference or fair visits by Carbon Atlantis. However, the company's participation in partnerships and collaborations, such as with Deep Sky in Canada, indicates its engagement in industry forums and deployments.

Involvement in Events

Carbon Atlantis is involved in significant industry events through partnerships. Notably, the company will deploy a DAC unit in Canada in 2025 as part of a collaboration with Deep Sky, aiming to validate the technology for commercial deployment. This partnership highlights the company's commitment to advancing carbon removal technologies and its role in shaping the industry's future.

Conclusion

Since receiving the EIC Accelerator funding, Carbon Atlantis has continued to innovate and expand its presence in the carbon capture sector. Its technology and partnerships are crucial steps toward achieving significant carbon removal goals.

Sources: - Carbon Atlantis is now Phlair

• Carbon Atlantis Project to Undo Residual Emissions
• Carbon Atlantis | EU-Startups
• Carbon Atlantis Archives - Rethinking Removals
• Carbon Atlantis | Sifted
• CARBON REMOVAL WEEKLY SUMMARY
• Deep Sky and Carbon Atlantis to Deploy Direct Air Capture (DAC) in Canada