Dimensional Energy, a Rev member company on a mission to transform carbon dioxide into fuel, received funding from Ithaca Area Economic Development this summer. The $50,000 convertible debt investment was made through the Opportunity Fund, part of IAED’s Revolving Loan Fund Program, and part of a $1.5 million bridge funding round led by Yellowdog, a South Korean venture fund that invests in startups that address environmental and social problems.
Using proprietary technology developed at Cornell University, Dimensional Energy takes carbon dioxide from the atmosphere and converts it into liquid fuel using sunlight. Their innovation is a cost-effective jet fuel that the startup calls “the best in the world,” because it results in a net reduction of carbon into the atmosphere.
Dimensional Energy was recently one of two finalists in the $20M CarbonXPrize competition this spring, wherein companies competed to see which could convert the most carbon dioxide into products with the highest value. The company is growing rapidly as it works to scale the process to make the fuel marketable. With the investment from IAED and others, Dimensional Energy projects the creation of 57 new jobs over the next four years.
“We are grateful that a local economic-development organization like IAED can financially support early-stage technology companies like Dimensional Energy,” Jason Salfi, CEO of Dimensional Energy, said in a statement.
“Their willingness to invest in high-growth ventures encourages innovation in our community and helps folks like us to grow and thrive at a critical stage of our maturation.”
Read more about IAED’s investment and Dimensional Energy’s economic impact on the region here.