Coinciding with this strategic leadership move, the company has launched a £4 million seed round to support the development of its first pilot unit, advancing its mission of decarbonising steelmaking through closed-loop carbon recycling. With rising emissions pressures in the steel sector, PeroCycle’s novel approach offers a critical solution for decarbonising steelmaking from within existing infrastructure.
Experienced Leadership to Drive Growth
Grant Budge brings over 30 years of experience leading carbon capture projects and advising on industrial decarbonisation. He has previously raised significant public and private funding and has overseen the delivery of large-scale carbon capture and storage (CCS) infrastructure. His appointment marks a new chapter for PeroCycle as it moves from research and development into commercial growth and pilot-scale deployment.
“PeroCycle can reshape one of the world’s most emissions-intensive sectors,” said Grant Budge. “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.”
Breakthrough Carbon Recycling Technology
PeroCycle’s innovation is built on breakthrough research by Professor Yulong Ding and Dr Harriet Kildahl at the University of Birmingham. The company was spun out in collaboration with Cambridge Future Tech, a deep tech venture builder, and Anglo American.
Using a perovskite-based catalyst and a proprietary reactor system, the company’s technology recycles CO₂ into CO, enabling a closed-carbon-loop approach that integrates seamlessly with existing steelmaking operations.
Addressing a Hard-to-Abate Sector
Steel production is one of the largest industrial sources of CO₂ emissions, accounting for nearly 8% of global emissions and generating over 3 gigatonnes annually. In the UK and across Europe, steel manufacturers face increasing pressure to reduce emissions due to regulations like the Carbon Border Adjustment Mechanism (CBAM).
Carbon recycling technologies such as PeroCycle’s offer a commercially viable pathway for hard-to-abate sectors to meet climate targets without needing to overhaul existing infrastructure.
£4M Seed Round to Fund Pilot Development
The newly opened £4 million seed round will finance the development of PeroCycle’s first pilot unit, designed to process 1 kilotonne of CO₂ per year. The funding will also be used to expand the company’s technical and commercial teams, supporting efforts to scale the technology for industrial deployment.
“This is a major step forward for PeroCycle’s mission to decarbonise steel from within,” said Owen Thompson, CEO and co-founder of Cambridge Future Tech. “With Grant’s leadership and the momentum of this raise, PeroCycle is well-positioned to deliver real-world industrial impact.”
Commercial Momentum and Strategic Partnerships
PeroCycle’s approach aligns closely with Anglo American’s decarbonisation goals, as highlighted by Matt Walker, CEO of Anglo American’s Marketing business:
“Our investment in PeroCycle reflects our belief in the potential of carbon recycling. We look forward to seeing this next phase of development bring the technology closer to industrial application.”
A Scalable Route to Net Zero Steel
By enabling in-process carbon recycling at blast furnace-compatible temperatures, PeroCycle’s solution avoids the need for major infrastructure change. It offers a practical and scalable method for reducing emissions, with the potential to cut up to 2 tonnes of CO₂ per tonne of crude steel produced.
With climate deadlines looming and industrial decarbonisation a priority, technologies like PeroCycle’s could play a pivotal role in helping nations and industries meet their net-zero commitments.
“Recycling carbon dioxide within steelmaking infrastructure presents a scalable pathway to deep decarbonisation in one of the world’s most hard-to-abate sectors,” said Professor Yulong Ding. “Advancing this technology to industrial deployment requires the right leadership and investment, and this next stage puts both in place.”
