May 22 (Bloomberg) -- Skyonic Corp., a closely held developer of carbon-capture technology, received $12.5 million from ConocoPhillips and Enbridge Inc. to expand its business.
The company also received a C$500,000 ($458,500) grant from Climate Change & Emissions Management Corp. to deploy its technology at a site in San Antonio, Texas, next year, Austin-based Skyonic said today in a statement.
Skyonic is developing systems that capture carbon dioxide by mineralizing the gas through a chemical reaction that produces compounds including hydrochloric acid and calcium carbonate, or limestone, which may be used in products such as glass, paper and cement.
Enbridge, a new investor, joins existing backers that also include BP Plc, Cenovus Energy Inc. and Northwater Capital Management Inc.
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