Dotz Nano Limited has secured up to A$12 million in funding from investment fund Mercer Street Global Opportunity Fund, LLC (Mercer), based in the United States.
According to Dotz Nano, the strategic funding agreement is aimed at accelerating the development and commercialisation of DOTZearth, Dotz's innovative carbon capture technology. Convertible notes will be issued to raise the funds.
Dotz Chief Executive Officer, Sharon Malka, welcomed the partnership with Mercer, expressing their pleasure that "an investment fund of its calibre has backed our technology and its potential." Malka also pointed out that the funding provides the company "with the runway needed in the near-term so that it can execute on its growth opportunities and capitalize on the technology potential.”
Jonathan Juchno of Mercer echoed Malka’s sentiment, highlighting their confidence in the company's potential. Speaking about the innovative technology, he said, “We have been following Dotz since late 2021 and are continually impressed by their innovative technologies.
"We are very pleased to be making this investment to support the development of DotzEarth carbon capture technology and its building of channels for future growth," Juchno said.
This funding agreement follows several other impressive achievements by Dotz. These milestones include joining the Global CCS Institute, the world's largest Carbon Capture and Storage think tank; a strategic collaboration with SINTEF; a successful technology transfer from Rice University; a patent application submission for an optimised manufacturing and scale-up process for DOTZearth; and the strengthening of the board with the appointment of climate technology industry experts.
According to the company, DOTZearth's point-source carbon capture technology uses plastic waste to produce a carbon-based solid sorbent with nanosized pores that captures and stores CO2 gases from flue gas. This innovative technology was developed at Rice University and fully characterized by SINTEF, Europe's largest research institution for energy and climate technologies. It is touted as the next generation of carbon capture solid sorbents with several benefits over existing technologies – including energy efficiency, low cost of ownership, and longer lifespan.
Dotz Nano Limited and its staff have reiterated their dedication to achieving significant progress in advancing carbon capture technology.
"We are a group of committed and enthusiastic professionals coming together to utilise our knowledge in chemistry, nanotechnology, and material science to solve acute environmental and industrial challenges," the company said.
With the support of Mercer, they confirmed their commitment to the continued development of DOTZearth and expressed gratitude to their investors and partners for their ongoing support.