Overview:
Carbominer is a Ukrainian climate-tech startup developing a proprietary, cutting-edge Direct Air Capture (DAC) technology. Carbominer’s dual mission is to tackle climate change by removing millions of tons of CO2 directly from the atmosphere while boosting indoor food production with a competitive and sustainable on-site supply of CO2.
Carbominer’s vision is a world where CO2 is not a waste, but a resource, and the fundamental building block of our carbon-based lives, producing our foods, chemicals, fuels and materials.
UpSpark is a Polish EU funding consultancy specialising in securing grants for deep-tech projects from the most prominent and competitive international EU funding programs, such as EIC Accelerator or Eurostars.
This case study highlights our successful collaboration with Carbominer in acquiring a €1.5 million grant and a promise of multi-million equity investment from the highly competitive EIC Accelerator program.
Client Profile:
- Client Name: Carbominer
- Technology: Carbon Capture, Storage and Utilisation (CCSU) >> Direct Air Capture (DAC)
- Industry: Indoor Agriculture
- Location: Kyiv, Ukraine
- Project Name: Direct Air Capture for on-site CO2 utilisation in greenhouses (C-DAC)
- Project Objective: To develop a full-scale C-DAC system and demonstrate it with early adopters from the greenhouse agriculture sector, paving the way to successful commercialisation and market scale-up.
The Challenges:
In its first attempt at EIC Accelerator, while working with a different consultancy, Carbominer faced several significant challenges in the advisory process, including:
- Domain expertise: scientific and engineering expertise on the consultancy’s end.
- Dedication and engagement: commitment and involvement from the consulting team.
- Transparency and ethical standards: full transparency and high personal and moral standards throughout the collaboration.
These issues likely impacted the negative results of Carbominer’s initial applications and strongly affected the company’s approach and requirements towards UpSpark.
As regards the Carbominer-UpSpark cooperation, the critical challenge was the extremely tight timeline for project development. The work on the project was kicked off in early April, while the deadline was set for June 7th.
UpSpark Approach:
UpSpark addressed these challenges through a strategic and highly-customised approach.
Firstly, we formed a specialised team tailored to Carbominer’s needs, ensuring strong team chemistry and effective collaboration. This team met with Carbominer’s representatives before initiating the cooperation to verify compatibility regarding formal and technical knowledge, and team chemistry.
Secondly, UpSpark demonstrated flexibility and understanding in negotiating the terms with Carbominer who, at that time, as a Ukraine-based entity, was facing numerous difficulties stemming from the rough geo-political situation. Such an open approach helped to foster a positive and cooperative relationship between the companies from the get-go.
Thirdly, throughout the process, UpSpark showcased top-notch expertise in developing the EIC Accelerator grant proposal and in scientific and engineering domains relevant to the project scope, ensuring the proposal met the highest quality standards.
Finally, UpSpark maintained a highly efficient workflow, demonstrating its ability to work under severe time constraints and solve issues quickly and transparently. This aspect turned out to be more critical than initially expected. In early June (5 days ahead of the initial cut-off date), EISMEA decided to change the platform for submitting EICA proposals, forcing all applicants to switch to a new proposal template and submission system. UpSpark accommodated these unexpected changes on the fly, managing to meet the extended submission deadline of June 21.
Once the Full Application was submitted and approved in the second step of the evaluation process, Carbominer’s representatives were invited to the third and final stage – a panel interview with the EICA jury. UpSpark demonstrated consistent support and active involvement throughout the interview preparation process, which set the stage for the successful outcome of the whole process.
The Outcome:
Carbominer was awarded a €1.5 million grant and a promise of future multi-million equity investment from the EIC Accelerator, marking a significant milestone for the company.
Importantly, Carbominer has become the first Ukrainian startup and one of the two first Direct Air Capture technologies to receive funding under the prestigious and ultra-competitive EIC Accelerator scheme.
This funding will enable Carbominer to advance its unique direct air capture technology and contribute to global efforts to reduce CO2 emissions. The immediate benefits already observed by the startup include increased project momentum, enhanced credibility, and additional opportunities for future funding and partnerships.
Client Testimonial:
“UpSpark’s dedication, professionalism, and expertise were essential in securing the EIC Accelerator grant. The team’s ability to maintain a seamless process, work under tight deadlines, and provide high-quality input was impressive. We are grateful for their support and highly recommend UpSpark to any company seeking EU funding.”
– Nick Oseyko, Founder and CEO at Carbominer.
Conclusion:
This case study demonstrates UpSpark’s deep expertise in the challenging and highly coveted EIC Accelerator program. Our tailored approach, dedication, and professionalism were key to overcoming the challenges faced by Carbominer and achieving a successful outcome. We invite potential clients to contact UpSpark for assistance with their own funding needs.
For more information about our services and to schedule a consultation, please visit https://www.upspark.eu or contact us directly at contact@upspark.eu.