OCOchem raises $5M in seed funding for efuels tech
In Washington state, carbon conversion startup OCOchem has raised $5 million in Seed funding from lead investor TO VC. INPEX Corp. (IPXHF.NaE), the LCY Lee Family Office, and MIH Capital Management also participated in the round. These investors join Halliburton Labs, Halliburton Company’s energy and climate tech accelerator, which has been supporting OCOChem’s scaling since 2021.
The Richland, Wash.-based company is commercializing a path to make formic acid and formate chemicals from electrochemically converted recycled carbon dioxide, water and clean electricity. OCOchem will use the newly raised funds to scale its modular carbon conversion technology to industrial proportions and build a pilot plant for commercial demonstration operations. Industry, energy, and agricultural producers can purchase formic and formates made using OCOchem’s technology to reduce the carbon intensity of everyday products from feed and fibers to fuels and fertilizers — at the same or lower cost as similar products made from petrochemicals.
