Fort Collins, CO, June 29, 2023 (GLOBE NEWSWIRE) -- New Iridium, an Innosphere Ventures REACH Client Company dedicated to decarbonizing the chemical industry and driving sustainable innovation, is proud to announce that it has been awarded a $1 million National Science Foundation (NSF) Small Business Innovation Research (SBIR) Phase II grant. This grant will enable New Iridium to advance its cutting-edge photocatalysis platform that uses light rather than heat, revolutionizing the production of low-carbon chemicals while significantly reducing costs compared to today’s processes.
New Iridium’s technology provides an avenue to utilize carbon dioxide (CO2) to create value-added products, while drastically mitigating carbon emissions through process efficiencies and electrification. With this NSF SBIR Phase II grant, New Iridium is poised to accelerate the development of its groundbreaking technology and drive the transition to a sustainable and low-carbon future for the chemical industry.
“We are thrilled to receive this prestigious NSF SBIR Phase II grant, which will play a pivotal role in our journey to transform the chemical industry,” said Dr. Chern-Hooi Lim, New Iridium CEO. “This funding will allow us to further enhance our photocatalysis platform, unlocking new possibilities for producing low-carbon chemicals in a cost-effective manner. We are committed to revolutionizing the way chemicals are manufactured, enabling a greener future for the industry.”
In addition to being named an EPIC pitch finalist at the Department of Energy’s (DOE) 2023 Small Business Forum & Expo, New Iridium continues to reach new heights in sustainability and innovation. The company has garnered recognition, including being honored as one of the Nature Spinoff Prize “Ones to Watch,” highlighting its potential to disrupt and reshape the chemical industry. Moreover, New Iridium has forged a strategic partnership with Braskem, a leading global chemical producer and pioneer in sustainable materials, to advance the development of its CO2 conversion technology, thereby making substantial contributions to the industry’s ambitious carbon neutrality goals.
New Iridium’s commitment to environmental stewardship and groundbreaking technological advancements has also been recognized by Hello Tomorrow, where they emerged as winners of the Environment track at the 2023 Global Challenge.
With the combination of the NSF SBIR Phase II grant, notable partnerships, and industry recognition, New Iridium is well-positioned to make significant strides toward decarbonizing the chemical industry and spearheading the adoption of low-carbon technologies.
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