PeroCycle Secures €4.5M To Decarbonise Steelmaking; Appoints New CEO

Grant Budge brings 30 years of experience in carbon capture and decarbonisation across the energy and industrial sectors. He has led public and private funding initiatives and overseen the development 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.”

PeroCycle is a decarbonisation venture that transforms carbon dioxide into carbon monoxide during production, creating a circular carbon loop and reducing dependence on fossil feedstocks.

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Its carbon recycling technology, developed at the University of Birmingham, is now being scaled for steel industry applications. The company is built 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.

The process relies on a perovskite-based catalyst, a proprietary method, and a reactor system to convert CO₂ into CO within the steelmaking workflow.

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 steel sector is under pressure from rising costs and ongoing restructuring. Meanwhile European steelmakers are grappling with stricter emissions regulations.

Carbon recycling solutions like PeroCycle’s offer a pathway to cleaner steel production, aligning with evolving global policies such as the Carbon Border Adjustment Mechanism.

PeroCycle will use the funding to build its first pilot unit, capable of processing 1 kilotonne of CO₂ annually. The investment will also help grow the company’s technical and commercial teams.

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.”

About PeroCycle

Founded in 2024, PeroCycle cuts up to 90% of CO₂ emissions from traditional steelmaking. Its technology fits into existing systems without major upgrades, enabling carbon recycling within the process. The result: a practical, cost-effective path to cleaner steel without the need for new plants or disruptive infrastructure changes.