DigestAI looks at New Iridium
October 23, 2024
| Jim Lane
New Iridium is a company that is developing renewable, low-carbon chemicals using a novel photocatalytic technology platform. The company’s goal is to revolutionize chemical production using light instead of high heat.
● New Iridium’s process for producing bio-acetic acid is carbon negative (-0.14 kg carbon dioxide/kg AcOH).This is because it uses bio-ethanol as a feedstock. In comparison, the incumbent process for producing acetic acid (the Cativa process) emits +1.10 kg carbon dioxide/kg AcOH.
● New Iridium’s technology has the potential to disrupt the chemical industry by providing a sustainable and cost-effective alternative to traditional, petroleum-based methods. The company’s beachhead product is acetic acid, a crucial chemical intermediate used to make a wide range of products, including plastics, textiles, and adhesives.
● New Iridium’s photocatalytic technology can potentially be used to produce other high-value chemicals besides acetic acid. For example, New Iridium has achieved proof of concept for 12 other large-volume chemicals.
● New Iridium has a strong technical team with deep domain expertise in photocatalysis. The company was founded by researchers from the University of Colorado and Colorado State University.
● Several external trends support New Iridium’s innovation, including the increasing demand for sustainable and low-carbon chemicals. The global acetic acid market is expected to grow at a CAGR of 6.8-7.6% to ~$29 billion by 2032.However, there are also some risks associated with New Iridium. These include:
● The company’s team is mostly academic, and they may lack the experience necessary to successfully commercialize their technology.
● New Iridium’s technology is novel and carries additional scaling risk. The company has only achieved lab scale so far.
● New Iridium has not yet engaged any potential customers.
Overall, New Iridium is a promising company with a game-changing technology that has the potential to disrupt the chemical industry. However, the company faces some challenges, including the need to scale its technology and secure customers.
Category: Chemicals & Materials
