Cambridge-based PeroCycle, an industrial decarbonisation startup advancing closed-loop carbon recycling for steelmaking, has just announced a €4.5 million seed funding round to fund its pilot deployment and accelerate commercial growth. Investors include Cambridge Future Tech and Anglo American. "PeroCycle can reshape one of the world’s most emissions-intensive sectors. Its technology stands out for its ability to cut carbon emissions from existing steelmaking infrastructure – a rare combination. I’m thrilled to join at this pivotal stage," said CEO Grant Budge. Founded in 2024, PeroCycle is an industrial decarbonisation company transforming how heavy industries manage carbon emissions. By converting carbon dioxide into carbon monoxide during production, PeroCycle enables a circular carbon pathway that allegedly reduces reliance on fossil feedstocks. Using a perovskite-based catalyst and proprietary process and reactor system, it converts carbon dioxide into carbon monoxide, providing a closed-carbon-loop approach to deep decarbonisation within the steelmaking process.
PeroCycle is built on research by Professor Yulong Ding and Dr Harriet Kildahl. The company was spun out by the University of Birmingham and Cambridge Future Tech, a DeepTech venture builder and early investor, in collaboration with Anglo American to commercialise its novel carbon recycling technology. This announcement coincides with the appointment of Grant Budge as CEO. Grant brings 30 years of experience leading carbon capture projects and advising on decarbonisation across energy and heavy industry. He has raised public and private funding and led delivery of large-scale CCS infrastructure. His appointment signals a new phase of commercial growth for PeroCycle as it advances towards pilot-scale deployment.