Cambridge-based PeroCycle, a venture focused on carbon recycling for steelmaking, has named Grant Budge as its new Chief Executive Officer. The announcement comes as the company begins a £4M (nearly €4.58M) seed funding round to support its pilot deployment and expand commercial operations.
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Grant Budge has three decades of experience in carbon capture and decarbonisation across energy and industry. He has worked on public and private funding efforts and managed the delivery of carbon capture and storage infrastructure.
Budge says, “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.”
Eliminating CO2 emissions from traditional steelmaking
PeroCycle is an industrial decarbonisation company that converts carbon dioxide into carbon monoxide during production to enable a circular carbon pathway and reduce reliance on fossil feedstocks.
Its carbon recycling platform was developed at the University of Birmingham and is being scaled for deployment in steelmaking. The company is based on research by Professor Yulong Ding and Dr Harriet Kildahl and was spun out by the University of Birmingham and Cambridge Future Tech in collaboration with Anglo American.
It uses a perovskite-based catalyst, a proprietary process, and a reactor system to convert carbon dioxide into carbon monoxide within the steelmaking process.
Matt Walker, CEO of Anglo American’s Marketing business, adds, “Anglo American is committed to working with like-minded partners to make meaningful steps toward lower-emission steelmaking.”
“Our investment in PeroCycle reflects our belief in the potential of carbon recycling for this purpose. We look forward to seeing this next phase of development bring the technology closer to industrial application.”
In the UK, the sector is facing cost pressures and restructuring, while in Europe, steelmakers are facing growing emissions requirements. Carbon recycling technologies such as PeroCycle’s provide a route to steel production that aligns with changing international policies, including the Carbon Border Adjustment Mechanism.
Capital utilisation
PeroCycle will use the funds to support the development of its first pilot unit, which is designed to process 1 kilotonne of carbon dioxide per year. The funding will also be used to expand the company’s technical and commercial team.
Owen Thompson, CEO and co-founder of Cambridge Future Tech, says, “This is a major step forward for PeroCycle’s mission to decarbonise steel from within. From co-founding and building the company to now investing in this round, we’ve supported its journey from the very beginning. With Grant’s leadership and the momentum of this raise, PeroCycle is well-positioned to deliver real-world industrial impact.”
Professor Yulong Ding, founding Chamberlain Chair of Chemical Engineering at the University of Birmingham, adds, “Recycling carbon dioxide within steelmaking infrastructure presents a scalable pathway to deep decarbonisation in one of the world’s most hard-to-abate sectors. Advancing this technology to industrial deployment requires the right leadership and investment and this next stage puts both in place.”
