Estonian UP Catalyst secures €18M European Investment Bank

Estonian company UP Catalyst has received an €18M loan from European Investment Bank (EIB) to expand its carbon materials production.

UP Catalyst, an Estonian company, produces environmentally friendly carbon nanomaterials and catalysts synthesized from CO2. The company converts carbon dioxide CO2 into graphite for lithium-ion batteries used in smartphones, electric cars and other devices. The startup's solutions can be used in construction, manufacturing, medical and space applications. UP Catalyst is founded in 2019. Founded by scientists Ivar Kruusberg, Sander Ratso and Kätlin Kaare from the University of Tartu.

The EIB financing will help UP Catalyst expand production to 270 tonnes of carbon nanotubes and 1,350 tonnes of climate-neutral graphite annually.

Earlier startup has made it to the list of 47 companies that the European Commission has chosen to strengthen the commodity chain. UP Catalyst and other strategic projects will help the EU fully meet its lithium and cobalt mining, processing and recycling targets by 2030, as well as making progress in graphite, nickel and manganese mining. €22.5B will be invested in the program.