Climatetech Startup HyveGeo Closes Undisclosed Pre-seed
HyveGeo plans to establish the largest microalgae-based biorefinery business across desert regions.
HyveGeo has concluded a pre-seed funding round, led by SystemaNova.vc, an early-stage VC fund focused on climatetech, according to a press release.[1]
As a verified sustainable project by the UAE government, HyveGeo will receive support from the Majra UAE CSR fund to green the desert and combat climate change using microalgae.
Founded in 2023 by Abdulaziz bin Redha, Samsurin Welch, Eva Morales, and Harjit Singh, HyveGeo plans to establish the largest microalgae-based biorefinery business across desert regions, starting with the GCC. HyveGeo is recognized as one of the top 100 future enterprises in the UAE in the sustainability and environment category.
Utilizing microalgae-based soil regeneration and carbon removal technology, the startup's proprietary approach involves transforming non-arable desert land into a solution for both food security and carbon reduction. HyveGeo grows microalgae on unused desert land using wastewater and sunlight and then turns the biomass into biochar (a stable carbon) and agronomic products. In addition to locking away carbon, its products can be used to regenerate soil and increase arable land. HyveGeo also produces verifiable carbon removal credits.
Carbon removal credits are verifiable emission reductions from certified climate projects that reduce, avoid, or remove carbon in the atmosphere. They are purchased by businesses that cannot fully eliminate or reduce their emissions, allowing them to achieve their net-zero targets. Trading of carbon credits on voluntary carbon markets can support biodiversity protection, prevent pollution, improve public health, and create jobs. The carbon credit market will be worth an estimated $50 billion by 2030. [2]