Estonian cleantech company UP Catalyst has secured an €18 million loan from the European Investment Bank (EIB). The financing will be instrumental in scaling up the company's innovative molten salt electrolysis technology for the production of high-performance carbon materials.

About UP Catalyst

  • UP Catalyst, founded in 2019 by Gary Urb and Kätlin Kaare, has developed a groundbreaking method to produce graphite from captured carbon dioxide (CO₂) emissions.
  • The company's graphite has already demonstrated quality comparable to fossil-based alternatives, offering a more sustainable and environmentally friendly solution for various industries. 
  • Apart from obvious environmental benefits, the solution also helps tackle the issue of graphite supply gap in EU’s energy production. 

Investment details

The €18 million loan financing was provided by the European Investment Bank. 

  • EIB is the European Union's lending institution, providing finance and expertise for sustainability projects.
  • The financing will facilitate an increase in output to an impressive 270 tonnes of carbon nanotubes (CNT) and 1,350 tonnes of climate-neutral graphite annually.

UP Catalyst says this expansion is a crucial step towards the company's ambitious goal of achieving an annual production capacity of 60,000 tonnes of graphite by 2030.

Read more: Estonian UP Catalyst closes €2.36M investment round for developing CO2 processing technology