NorthX Climate Tech is investing $1 million in Anodyne Chemistries, a BC-based company developing a new way to produce industrial chemicals from captured carbon dioxide.
The follow-on investment will support Anodyne’s EZ Formate Pilot Plant in British Columbia, described as a first for Canada and among the first of its kind globally in scaling the production of industrial chemicals from captured CO₂.
The funding builds on NorthX’s initial $600,000 commitment in 2023, bringing its total investment in Anodyne to $1.6 million. NorthX says the capital reflects its role as a catalytic early-stage funder helping climate technology companies move from validation to commercial readiness.
“The chemical industry is under pressure to find cleaner, more stable alternatives to fossil-fuel-based production, and Anodyne Chemistries is showing that BC can lead that transition,” said Adrian Dix, Minister of Energy and Climate Solutions.
Anodyne is reimagining how industrial chemicals are made by using carbon dioxide as a starting point instead of conventional fossil feedstocks. Its bioelectric manufacturing process converts CO₂ into industrial-grade formates using off-the-shelf reactor systems, with the potential to lower energy use and significantly reduce emissions compared to conventional methods. The company projects lifecycle emissions reductions of more than 99 percent.
The global chemical industry is valued at more than $3 trillion, while the formates market alone is worth $7.5 billion. Formates are used in agriculture, construction, drilling and de-icing, but the sector remains tied to fossil-fuel-intensive production at a time when methanol and energy prices are facing increased volatility.
NorthX’s investment will help Anodyne de-risk and validate its technology at scale through a modular pilot plant. The pilot is intended to serve as the foundation for Anodyne’s first commercial-scale facility, targeting 10,000 tonnes per year of formate production.
“The chemical industry underpins modern life, but it’s still built on fossil inputs,” said Sarah Goodman, President and CEO of NorthX Climate Tech. “Anodyne is rethinking those inputs, using captured CO₂ and low carbon electricity to produce chemicals more cleanly, without toxic byproducts.”
Since receiving NorthX’s initial funding, Anodyne has secured additional federal support, expanded its operations and built a growing customer base across Canada and internationally. NorthX has also supported the company through introductions to industrial partners and by helping amplify its industry profile.
“NorthX’s early support allowed us to move quickly from initial development into building and testing our process at a commercial scale,” said Iain Evans, Chief Executive of Anodyne.
At commercial scale, Anodyne says it could reduce up to 5.4 million tonnes of CO₂e annually and generate more than $100 million in revenue, while helping establish British Columbia as a hub for low carbon manufacturing.