|By Business Wire||
|December 4, 2012 03:44 PM EST||
Dioxide Materials has been awarded $4 million by the U.S. Department of Energy’s Advanced Research Projects Agency – Energy (ARPA-E). The award will advance further research into Dioxide Materials’ technology that will produce transportation fuels and industrial chemicals electrochemically from carbon dioxide emitted by power plants. Dioxide is collaborating on the project with 3M (NYSE:MMM), a subrecipient of the ARPA-E award.
Although electrochemical recycling of carbon dioxide is not a new technology, Dioxide Materials has patented a catalyst that makes carbon dioxide recycling energy efficient for the first time ever, using three times less electricity. The technology’s scientific principles have been demonstrated, but the risks need to be lowered before the technology can attract the funding needed to move into the marketplace. ARPA-E funding will allow Dioxide Materials to create the first industrially relevant prototype and lower the risks so that substantial development funding can be obtained.
“We are thankful to ARPA-E for having confidence in our technology and our partnership with 3M,” said Dioxide Materials CEO Rich Masel. “Government investments like this play a huge role in the fight against global warming. We are excited and grateful for the opportunity to play a part in making America’s future a sustainable one.”
About Dioxide Materials:
Dioxide Materials is creating a new chemical value chain using carbon dioxide emitted from power plants and renewable energy (instead of oil and gas) to obtain high value downstream chemicals. This technology breakthrough lowers the cost of conversion by a factor of three, creating the first cost-competitive route to large-volume renewable chemicals and transportation fuels. Dioxide Materials is located in EnterpriseWorks, the incubator at the University of Illinois Research Park. For more information, visit dioxidematerials.com.
About the University of Illinois Research Park: The Research Park at the University of Illinois at Urbana-Champaign provides an environment where technology-based businesses can work with faculty and students to take advantage of opportunities for collaborative research. Located on campus, the Research Park is home to more than 90 companies, employing 1,400 people in high-technology careers. Publicly traded firms in the Research Park include: ADM, Abbott Laboratories, Caterpillar, Deere & Company, Littelfuse, Neustar, Raytheon, Riverbed Technology, Sony, State Farm, and Yahoo. The Research Park is also home to 50+ startup companies that are commercializing technology. For more information, visit researchpark.illinois.edu.
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