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On Tuesday, September 3rd, ClimateHaven member team Oxylus Energy announced the close of the company’s $4.5 million Series Seed round co-led by Toyota Ventures and Azolla Ventures, with additional funding by Earth Foundry and Connecticut Innovations. The company was founded by Yale graduates Perry Bakas, Harrison Meyer, and Conor Rooney and its core technology was developed in Yale's green chemistry labs. At the heart of their innovation is a catalyst designed for the low-temperature, low-pressure electrochemical conversion of carbon dioxide into green methanol. This method, rooted in sustainable chemistry principles, offers a cost-effective, hydrogen-free way to produce fuel for decarbonizing industries like aviation and shipping.
In this interview between Harrison Meyer, COO of Oxylus, and Haley Lieberman of ClimateHaven, Meyers shares how his lab partners at Yale transitioned their bench-top green chemistry research into a venture-backable startup.
Haley Lieberman (HL): Congratulations on your raise, and on your recent exclusive in TechCrunch. You've had significant traction in a short period of time. What challenges has your team faced transitioning lab-based technology to commercial markets?
Below, Harrison Meyer, Oxylus’s COO, shares how his lab mates at Yale transitioned their bench-top green chemistry research into a venture-backable startup in an interview conducted by ClimateHaven's Haley Lieberman.
Harrison Meyer: Taking a technology from “bench-top” to commercial scale requires a good deal of proof points. How can we illustrate that the technology can scale? What are the barriers at scale and how can they be overcome? Is this financeable, and ultimately can this team take it all the way? This requires a “marriage” of physical sciences, engineering, finance, and business development to create a product based off lab research.
HL: How did you overcome the challenges – and how are you still managing that transition?
HM: By putting one step forward at a time – and we are still doing this now. Taking this from “bench” to “commercial & industrial scale” requires a multi-step process with different types of risk. We are focusing on initial scientific risk, and then engineering risk, then manufacturing and deployment risk, and finally, bankability. That transition to commercial scale isn’t as straightforward as it may seem, but we believe by working together- that we can focus on the most important milestones along this path.
HL: The “one-step-at-a-time” approach to startup-scaling requires runway, capital, and patience – not only on the part of the team, but for investors. What advice do you have for climate tech investors?
HM: It is fundamentally hard to diligence for hard-tech. Investors focusing on technologies, markets, and teams that meet the scale of the climate crisis should also focus on strong fundamentals in engineering, physical sciences, operations, and finance.
HL: What should other climate tech founders know about fundraising for a lab-based technology?
HM: VCs want to see technologies that can truly scale, deliver future financial value, and make an impact to the climate. It was key for investors to review our technoeconomic assessment (TEA) to understand the value of our technology and how it can compete (and win) the market in the future.
HL: You’re all first-time founders coming right out of the lab building a commercial-scale venture. How has working in the lab as a team prepared you for this step?
HM: We are lucky to have each other – and Yale and ClimateHaven were catalytic to our founding team formation- where we could bring in complementary experience from the chemistry to scientific commercialization, alternative fuels & carbon capture, energy investment banking, to renewable energy and climate VC. This allows us to come up with collaborative ways forward that focus on developing the tech for its full market and climate impact.
HL: How has ClimateHaven helped set Oxylus up for success?
HM: ClimateHaven has been incredibly catalytic to Oxylus’ success having been with us from the beginning when we were the first startup to move into ClimateHaven’s hub. They provide mentorship, guidance, advice, and connections to partners, investors, and the greater Yale community / ecosystem. Climate technologies are not built in a bubble, and ClimateHaven is a key pillar in developing our technology and business.
HL: Lighting round. What’s the one thing you want to share with…
… first time founders going from bench to venture ?
HM: It takes diverse skill sets and a team to take a technology from bench to venture. Always be curious for new advice and for new and faster ways to build.
HL: … investors in climate tech?
HM: Hard-to-abate sectors require complex new technologies to come to market- this takes time.
HL: … investors in founders going from bench to bench to venture?
See whether or not the technology & the founders can significantly “move the needle” for a particular end-market or if it is just a step-change improvement.
HL: Should we write a book together called, "From Bench to Venture" about backable, bench-born green chem research going gangbusters in commercial markets?
HM: It would be cool to focus it specifically on different industries starting with what can be electrified (home heating, EVs, etc.) to what hydrogen can be used for (steel, ammonia) to where green chemical innovations are needed (consumer goods, petrochemicals, aviation, shipping, etc.) to the innovations and case studies in each of these.
HL: What do you want to share with the 1000 eyeballs reading this? Their inbox is your stage.
HM: Climate tech requires a community- we are all in this together to make the world a better and more sustainable place. Always be willing to lend a helping hand-we are building the future together!
