1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a crucial funding initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups with high growth potential, particularly in the deep tech sector. This program aims to bridge the financing gap faced by innovative companies, providing them with the necessary resources to scale their ventures and bring groundbreaking technologies to market.

The EIC Accelerator offers a unique blend of funding options, including grants and equity investments, tailored to the needs of innovative projects. Grants can go up to €2.5 million, providing immediate financial support for research and development activities, while equity investments can reach up to €15 million until 2024 and €10 million from 2025 onward. This blended finance approach allows companies to access substantial funding without sacrificing significant equity early in their development.

Purpose and Impact on the Ecosystem

The primary purpose of the EIC Accelerator is to foster innovation and accelerate the growth of European startups, particularly those involved in advanced technologies. By providing financial support and strategic guidance, the program helps these companies navigate the challenges of scaling, including market entry, product development, and commercialization.

Furthermore, the EIC Accelerator plays a pivotal role in mobilizing additional private sector funding. By demonstrating the viability of their projects, companies can attract further investment from venture capitalists and other private investors, creating a sustainable funding ecosystem that promotes innovation and economic growth across Europe.

Skytree B.V. and the DDAC Project

Skytree B.V., a Netherlands-based company, emerged as a winner of the EIC Accelerator program with its innovative project, Decentralised Direct Air Capture (DDAC). The proposal was submitted on June 21, 2023, and underwent a rigorous evaluation process, ultimately securing funding for its groundbreaking technology.

Project Overview: Decentralised Direct Air Capture (DDAC)

The DDAC project aims to develop a novel method for capturing carbon dioxide (CO2) directly from the atmosphere. This technology is positioned as the most sustainable, affordable, and scalable solution for producing clean CO2 on demand.

Technology Background

Direct Air Capture (DAC) is a process that uses various technologies to extract CO2 from the ambient air. Skytree's approach is decentralized, meaning that the capture units can be deployed at various locations, minimizing the need for extensive infrastructure and reducing transportation costs associated with centralized systems.

The DDAC technology leverages advanced materials and chemical processes to efficiently bind and extract CO2 from the air. The captured CO2 can then be utilized in various applications, including industrial processes, carbon-neutral fuels, and even food production, contributing to a circular economy model.

This technology is particularly relevant in the context of climate change, as it offers a proactive approach to carbon management, enabling companies and governments to meet their carbon neutrality targets. By providing a scalable solution, Skytree aims to democratize access to CO2 capture technology, empowering various sectors to contribute to sustainability goals.

Conclusion

The EIC Accelerator program plays a vital role in nurturing innovative companies like Skytree B.V., which are poised to make significant contributions to the European deep tech landscape. By offering financial support through grants and equity investments, the program enhances the capabilities of startups to develop and scale cutting-edge technologies. The DDAC project exemplifies the potential of decentralized direct air capture technology to address pressing environmental challenges, making it a landmark initiative in the fight against climate change. Through such efforts, the EIC Accelerator not only fosters innovation but also strengthens the foundation of a sustainable future for Europe and beyond.

2 The Funding Rounds

# Skytree B.V.: Funding History and Financial Overview

Skytree B.V., a pioneering climate tech company from the Netherlands, has successfully secured significant funding to advance its innovative CO2 capture and reutilization solutions. The Amsterdam-based company, founded in 2010, has experienced notable growth in its financing journey, particularly in 2023.

EIC Accelerator Funding

In November 2023, Skytree was awarded €2.5 million in non-dilutive grant funding from the European Innovation Council (EIC) Accelerator program. This achievement came after a highly competitive selection process where Skytree emerged as one of only 47 companies selected from 648 submissions, and one of just four companies from the Netherlands to receive this prestigious funding.

The EIC Accelerator funding is part of the Horizon Europe program designed to boost Europe's competitiveness in science and innovation. The program supports startups and scale-up companies by providing the necessary resources to advance technologies and bring breakthrough innovations to market.

Funding Rounds and Timeline

Skytree's funding history shows a progressive trajectory:

Seed Funding (June 2023)

• Amount: $6 million (approximately €5.55 million at the time)
• Investors: Horticoop (a cooperative fund)

EIC Accelerator Grant (November 2023)

• Amount: €2.5 million non-dilutive grant
• This brought Skytree's total funds raised in 2023 to €13 million

Upcoming Series A (Planned)

• Scheduled for: Spring 2024
• Notable commitment: The EIC Accelerator has committed to participate in this upcoming funding round

According to available data, Skytree's total funding raised amounts to approximately $8.69 million across its various funding rounds.

Investor Information

Skytree has attracted a diverse range of investors throughout its funding journey:

• Horticoop: Participated in the June 2023 seed funding round
• European Innovation Council (EIC): Provided grant funding and committed to participate in the upcoming Series A round
• Other investors: Records indicate investments from Yield Lab Europe, Plug and Play Japan, Startupbootcamp, and Plug and Play Ventures

The Netherlands Enterprise Agency (RVO) and Zaz Ventures provided assistance to Skytree during the EIC Accelerator submission process, though they are not listed as investors.

Company Valuation and Exit Events

There is no publicly available information regarding Skytree's current valuation. As of May 2025, there have been no reported exit events such as IPOs, buyouts, or acquisitions involving Skytree.

Business Focus and Technology

Skytree specializes in Direct Air Capture (DAC) technology that captures CO2 from ambient air. Their first commercially available product, the Skytree Cumulus, is designed to enable controlled environment agriculture (CEA) businesses to generate their own CO2 on-site, eliminating reliance on fossil fuel-based CO2 sources.

The company began shipping its first Skytree DAC units to customers in Europe and North America in early 2024. The Skytree Cumulus was recognized as the 2023 GreenTech Innovation & Concept Awards Category Concept winner.

Corporate Structure

Skytree B.V. is headquartered at 408 Science Park, Amsterdam, Netherlands. The company is led by CEO Rob van Straten.

Sources: - Skytree Awarded €2.5 Million from the European Innovation Council Accelerator

• Skytree from Amsterdam obtains €2.5 Million Funding from EIC
• Skytree awarded €2.5M from the European Innovation Council
• NL: Skytree secures €2.5M grant - Hortidaily
• Amsterdam-based climate tech startup Skytree secures €2.5M from EIC Accelerator
• Skytree - Products, Competitors, Financials, Employees

3 The Press Releases

Skytree B.V.: Recent Developments and Achievements

Background and Funding Skytree B.V., a pioneering climate tech company from the Netherlands, made significant strides in 2023. On June 21, 2023, Skytree submitted a proposal for the European Innovation Council (EIC) Accelerator funding. Later in November, the company was awarded €2.5 million in non-dilutive grant funding, emerging as one of the top 47 companies out of 648 submissions. This award recognized the great potential of Skytree's Direct Air Capture (DAC) technology and boosted the company's total funds raised in 2023 to €13 million. Additionally, the EIC committed to participating in Skytree's next funding round, a Series A scheduled for Spring 2024.

Technology and Innovations Skytree's proprietary DAC technology captures CO2 from ambient air, enabling a shift away from fossil fuels in various industries. The company's modular units, such as Skytree Cumulus and Stratus, are designed to be scalable and energy-efficient. Cumulus is tailored for controlled environment agriculture (CEA) businesses, allowing them to generate CO2 on-site and enhance crop yields by 20-30% compared to traditional methods. The Stratus units are also modular and can be combined to form larger machines, like the Stratus Hub, which is expected to capture 50,000 tonnes of CO2 annually when operational.

Partnerships and Expansions In recent developments, Skytree has expanded its operations to North America, opening offices in the U.S. and Canada. This strategic move is aimed at leveraging attractive government incentives for DAC technologies in these regions. Skytree has also partnered with companies like Fieldless Farms in Canada, which utilizes captured CO2 to enhance strawberry yields. Furthermore, Skytree acquired ReCarbn, integrating its innovative technology to enhance cost-effectiveness and accessibility in carbon removal solutions.

International Collaborations Skytree is participating in a major U.S. carbon capture project in Texas, alongside EDF Renewables North America and Return Carbon. This project aims to develop a DAC park capable of removing 500,000 tonnes of CO2 annually, demonstrating the viability of large-scale DAC technology.

Press Releases and Updates

For the most recent press releases and updates, Skytree's official website (skytree.eu) and social media channels can be checked. However, specific press releases on their website are not detailed in the available sources.

Sources

• Skytree Awarded €2.5 Million from the European Innovation Council
• EIC Accelerator winners and statistics June 2023
• Skytree awarded €2.5M from the European Innovation Council
• Amsterdam-based climate tech startup Skytree secures €2.5M
• Dutch carbon capture startup Skytree opens offices in US, Canada
• ReCarbn | Reversing global warming using Direct Air Capture
• Amsterdam's Skytree joins major U.S. carbon capture project

4 The Technology Advancements

Skytree B.V. Capabilities and Advancements

Skytree B.V., a Dutch climate-tech company, specializes in Direct Air Capture (DAC) technology, providing sustainable CO₂ solutions for various industries. Since receiving the European Innovation Council (EIC) Accelerator funding in June 2023, Skytree has made significant advancements.

Current Capabilities

• Direct Air Capture Technology: Skytree offers modular DAC systems, such as the Cumulus and Stratus units, designed to capture CO₂ from ambient air for industrial use. These systems are particularly beneficial for controlled environment agriculture (CEA), enabling greenhouses to generate their own CO₂ on-site.
• Applications: Skytree's technology supports multiple applications, including enhancing plant growth in greenhouses, producing eFuels, building materials, and water treatment processes.
• Partnerships and Deployments: The company has collaborated with several entities, such as Koppert Cress, to integrate DAC technology into greenhouses, aiming to achieve climate-positive operations by 2026.

Advancements Since EIC Funding

Following the EIC funding, Skytree has seen notable advancements:

• Scaling Operations: Skytree has expanded its presence by opening offices in the U.S. and Canada, capitalizing on government incentives for DAC technologies.
• Innovation and Funding: The company received a total of €13 million in funding in 2023, including the €2.5 million non-dilutive grant from the EIC Accelerator. This support has accelerated Skytree's product development and commercialization roadmap.
• Technological Enhancements: Skytree's technology readiness level is at the highest scale, indicating readiness for full-scale commercial deployment. Its modular design allows for seamless scaling and efficient energy use.

Market Demonstration and Technology Validation

Skytree has actively demonstrated its technology in real-world settings:

• Customer Implementations: The company has implemented its DAC systems in greenhouses, such as Koppert Cress, to enhance plant growth and reduce reliance on fossil fuel-based CO₂.
• Strategic Partnerships: Skytree is involved in significant projects like Project Concho, a wind-powered DAC hub in Texas, aiming to capture up to 500,000 tonnes of CO₂ annually when fully operational.

New Patents, Studies, or Publications

There is no public information available on new patents filed or scientific studies published by Skytree specifically since the EIC funding. However, their involvement in pioneering DAC projects and collaborations suggests ongoing innovation and research in the field.

Sources

• Skytree: Direct Air Capture Solutions
• Skytree and Return Carbon selected by EDF Renewables North America to develop Texas-based DAC park
• Skytree is a New Member of CO₂ Value Europe
• The Current State of Direct Air Capture
• Innovative air-to-growth: Koppert Cress sets new standard with DAC technology in greenhouses
• Skytree's technology at core of world's first direct air capture hub
• Skytree awarded €2.5 Million from the European Innovation Council Accelerator
• Skytree company information, funding & investors
• Dutch carbon capture startup Skytree opens offices in US, Canada
• Skytree awarded €2.5M from the European Innovation Council

5 The Partnerships and Customers

Skytree B.V. Partnerships and Customer Developments Post-EIC Accelerator Funding Since securing €2.5 million from the European Innovation Council (EIC) Accelerator in November 2023, Skytree has focused on scaling its direct air capture (DAC) technology and expanding market penetration. While specific customer names remain undisclosed in public reports, key developments include:

• Controlled Environment Agriculture (CEA) Sector: Skytree’s first commercial product, the Cumulus DAC unit, targets greenhouse growers and indoor agriculture businesses seeking to replace fossil fuel-derived CO₂ with on-site atmospheric capture. The company confirmed initial shipments to customers in Europe and North America scheduled for early 2024.
• Strategic Infrastructure Partnerships: Skytree collaborates with Dutch greenhouse horticulture networks to integrate its technology into existing gas-supply infrastructure, aligning with national goals to phase out fossil fuels by 2040.
• Amsterdam Science Park Expansion: The January 2024 inauguration of their Matrix ONE headquarters included lab facilities for R&D and live demonstrations of Cumulus units, positioning Amsterdam as a hub for climate-tech innovation.

Market Positioning and Scaling Impact
The EIC Accelerator’s equity participation commitment for Skytree’s Spring 2024 Series A round will accelerate commercialization efforts. By eliminating reliance on transported CO₂ through decentralized units like Cumulus—capable of capturing ~1 kg/day—and Stratus (~1,000 kg/day), Skytree aims to dominate niche markets requiring precise carbon management while reducing supply-chain emissions.

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Sources

• Skytree Awarded €2.5 Million from the European Innovation Council Accelerator
• Skytree Secures €2.5M Grant
• Amsterdam-Based Skytree Expands Climate Tech Hub
• LeapSprong Program Collaboration

6 The Hiring and Company Growth

Skytree B.V.: Team Growth and Strategic Expansion Post-EIC Accelerator Funding

Since securing €2.5 million in non-dilutive EIC Accelerator funding in October 2023, Skytree has accelerated its global expansion and team growth. The Netherlands-based direct air capture (DAC) company now operates across four continents, with approximately 156 employees as of April 2025. This reflects significant scaling from its earlier headcount of 90 employees in the Netherlands by late 2024, driven by North American expansion into Toronto and Nashville.

Strategic Hiring and Leadership
Key recent hires include Elena Nikonova, VP of Strategy for North America, leading the Toronto office, and Camille Hanna, Business Development Director overseeing U.S. operations. The management team remains stable, with CFO/COO Floris, CPO Wojciech, and Chief People Officer Sandra continuing to drive financial strategy, product innovation, and talent development.

Growth Drivers

• North American Expansion: Opened regional HQs in Toronto (targeting 80+ hires within three years) and Nashville to support partnerships with firms like Deep Sky and Fieldless Farms.
• Technology Deployment: Launched Skytree Stratus DAC units capable of capturing 1,000 kg CO₂ daily, now central to large-scale projects like Texas’s wind-powered Project Concho targeting 500k tonnes/year CO₂ removal.
• Manufacturing Plans: Announced future Canadian production facilities to meet rising demand for modular DAC systems.

New team members are critical for scaling DAC deployments globally while maintaining uptime guarantees through Skytree’s proprietary monitoring systems. Recent engineering hires support field-upgradable technology improvements aimed at reducing energy consumption per unit over time. No major management changes have been reported since the EIC award.

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Sources

• About Us - Skytree
• Skytree Company Overview
• Amsterdam-based Skytree launches North American HQ in Toronto
• Project Concho Announcement
• EDF Renewables Partnership

7 The Media Features and Publications

Skytree B.V.: Media Coverage, Events, and Industry Engagement Post-EIC Accelerator Funding

Following its €2.5 million EIC Accelerator win in 2023, Skytree B.V. has maintained a strong presence in climate tech media and global decarbonization forums. The Amsterdam-based direct air capture (DAC) pioneer has been featured in major publications and actively participates in industry events to advance carbon removal solutions.

Media Features & Publications

• Fast Company: Highlighted Skytree’s space-derived DAC technology, emphasizing its potential to reduce costs and enable eco-friendly products like recyclable plastics.
• TechCrunch: Covered Skytree’s $6 million seed funding round led by Horticoop and The Yield Lab Europe, focusing on its modular units for greenhouses.
• Forbes: Recognized CCO Shubham Sandeep in its 30 Under 30 Europe list for his role in advancing CO₂ re-capture tech for vehicles.

Conference & Event Participation

Skytree engages extensively with industry stakeholders through conferences:

• Carbon Conference NL 2024: Co-hosted with peers like Carbyon to outline a Dutch green carbon roadmap.
• Decarb Connect Canada 2024: Showcased DAC solutions alongside discussions on industrial decarbonization trends.
• North American CO₂ Summit 2024: Exhibited as a speaker, targeting food/beverage and algae industries.
• Indoor AgTech Innovation Summit 2024 & GreenTech Amsterdam 2024: Promoted onsite CO₂ generation for vertical farms.

Strategic Expansions & Partnerships

In October 2024, Skytree expanded into North America with offices in Toronto (HQ) and Nashville, partnering with Deep Sky for DAC deployment and Fieldless Farms for strawberry yield optimization using captured CO₂. Their Stratus Hub project aims to capture 50k tonnes annually post-deployment at Amsterdam’s Science Park.

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Sources

• Skytree Press Room
• The Next Web: Dutch Startup Expands
• Skytree Events Page