Syzygy Plasmonics, a Houston-based chemical manufacturing technology company, raised $76 million in a Series C round, the largest round it has raised to date. Carbon Direct Capital led the round with participation from Aramco Ventures, Chevron Technology Ventures and Toyota Ventures.
The company, which spun out of Rice University, is developing a photocatalytic chemical-reactor platform technology for users in the industrial gas, chemical and energy sectors. Although reactors generally rely on fossil fuels to trigger the chemical reactions necessary to produce plastics, fuels, fertilizers, hydrogen and other chemicals, Syzygy’s photocatalytic reactor instead relies on the light from LEDs.
Certain undisclosed Series C investors have entered into commercial agreements with Syzygy as part of the deal.
The reactor is based off of research by company co-founders and technology advisers Naomi Halas and Peter Nordlander.
Syzygy’s Chief Technology Officer Suman Khatidawa described an alignment of energy, technology and sustainability as the company’s goals.
“The projects we are delivering are targeting zero-emissions hydrogen from green ammonia, low-emissions hydrogen from combustion-free steam methane reforming, and sustainable fuels made from carbon dioxide and methane,” Khatidawa said in the announcement. “This technology is the future of chemical manufacturing.”
The company previously raised $23 million in Series B funding, led by Hong Kong-based Horizons Ventures, in April 2021. Earlier, Syzygy announced a $5.8 million Series A round in August 2019.
The funding follows a growth trajectory for the company. In May 2022, Syzygy moved its headquarters 44,800 square foot building off the Sam Houston Parkway in Pearland, the Houston Business Journal previously reported. CEO Trevor Best said the building would allow space for testing and development while offering easy access to Houston highways.
Previously, Syzygy announced plans to double its headcount from 26 to 50 in 2021 and to have its first chemical reactor available in 2022, the Houston Business Journal previously reported. A Rice spokesperson confirmed to the Houston Business Journal that Syzygy has 87 employees as of Nov. 17.
