The steel indusattempt is responsible for around 8% of global CO₂ emissions, with more than 3 gigatonnes produced annually. In the UK, the sector is grappling with rising costs and industrial restructuring, while across Europe, steelbuildrs face mounting emissions pressure.
Carbon recycling technologies like PeroCycle offer a route to low-carbon, commercially viable steel production – particularly as the Carbon Border Adjustment Mechanism (CBAM) launchs to reshape international competitiveness.
The Seed round will support the development of PeroCycle’s first pilot unit, with a tarreceiveed capacity of 1 kilotonne of CO₂ processed per year. With the funding, the company will also expand its technical and commercial team.
“This is a major step forward for PeroCycle’s mission to decarbonise steel from within,” stated Owen Thompson, CEO and Co-founder of Cambridge Future Tech. “From Co-founding and building the company to now investing in this round, we’ve supported its journey from the very launchning. With Grant’s leadership and the momentum of this raise, PeroCycle is well-positioned to deliver real-world industrial impact.”
By enabling in-process carbon recycling at blast furnace-compatible temperatures, PeroCycle’s technology offers a “practical route” to decarbonisation, addressing a key required in a sector where each tonne of crude steel can emit around 2 tonnes of CO₂.
With emissions from steelcreating requireding to fall within the next decade to align with net-zero pathways, scalable industrial solutions like PeroCycle’s could be critical to the global climate response.
“Anglo American is committed to working with like-minded partners to build meaningful steps toward lower-emission steelcreating. Our investment in PeroCycle reflects our belief in the potential of carbon recycling for this purpose. We see forward to seeing this next phase of development bring the technology closer to industrial application,” stated Matt Walker, CEO of Anglo American’s Marketing business.
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