Carbonova has closed an oversubscribed $5.1-million equity financing round backed by a mix of strategic and private investors.

The funds will help advance construction of Carbonova’s first commercial demonstration unit, known as CDU-25, which is expected to produce 25 tonnes of carbon nanofibres annually once commissioned in mid-2027.

“Closing this round oversubscribed reflects strong confidence in our technology, our team, and our global potential,” said Mina Zarabian, CEO of Carbonova. “This funding accelerates our progress toward commercial demonstration and positions Carbonova to lead in low-carbon, high-performance materials.”

Front-end engineering design is already well underway, supported by earlier capital, in-kind contributions from partners and other strategic investments that together complete the financing needs for the $13.6-million project.

The cleantech company, spun out of the University of Alberta, converts captured carbon-dioxide and methane into high-performance carbon nanofibres for use in batteries, composites and construction materials. Carbonova’s customers include Fortune 500 companies.

The latest raise comes on the heels of securing about $4.9 million in grant support from Emissions Reduction Alberta. Carbonova says its patented catalytic technology can outperform traditional carbon materials on quality, cost and emissions, and has already gained market traction.

The company views the demonstration unit as a springboard to full-scale production and international deployment of modular, licensed systems across industrial sites, enabling Alberta-made carbon nanofibres to reach global markets.

Pictured: Mina Zarabian (centre) and others involved in developing Carbonova’s technology.

Photo: Emissions Reduction Alberta