Is Algae The Answer To Carbon Capture? Intrinsic Foundries’ Green Fix For Toxic Waste
A Jharkhand-based startup, Intrinsic Foundries, is turning to algae in a bid to tackle carbon emissions and toxic waste. As traditional carbon capture, utilisation, and storage (CCUS) technologies struggle with high costs and complex implementation, this innovative approach could offer a sustainable alternative. Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, the company has already secured ₹12 crore in seed funding from Transition VC to expand its research and commercial pilots.
The Algae Approach
Intrinsic Foundries is leveraging algae’s natural ability to absorb carbon dioxide, transforming it into valuable biochemicals. Algae not only grow rapidly but also process carbon efficiently, producing biomass that can be converted into useful molecules. This method contrasts with conventional CCUS technologies that often rely on energy-intensive processes and toxic chemicals.
The startup has developed two distinct platforms targeting industrial flue gas emissions and wastewater. By utilising phototrophic and heterotrophic algae strains, Intrinsic Foundries aims to maximise carbon utilisation. The company’s proprietary extrusion system creates tubular photobioreactors, significantly reducing space requirements and addressing contamination and evaporation challenges associated with open ponds.
Market Context and Funding Environment
The global CCUS market is projected to grow significantly, with an expected value of $6.17 billion by 2033. In India, the government has earmarked ₹20,000 crore to scale up CCUS technologies, aiming to capture 750 million tonnes of carbon dioxide by 2050. This aligns with India’s broader goal of achieving net-zero emissions before 2070.
Despite the interest from major players like Reliance and Total Energies in algae-based systems, success has been limited. Intrinsic Foundries believes its unique approach, focusing on diverse use-cases and detailed bioprocess understanding, sets it apart. The company’s involvement in startup incubator programmes at IIM Ahmedabad and Shell further underscores its potential.
Implications for India’s Startup Ecosystem
Intrinsic Foundries’ algae-based solution could reshape the landscape for Indian startups in the carbon capture space. By converting a cost centre into a resource, the company presents a compelling value proposition for industries looking to decarbonise. This aligns with the increasing pressure from policies like the EU’s Carbon Border Adjustment Mechanism, which taxes imports based on carbon emissions.
The startup offers two business models: a buyback model for companies without bio product expertise and an end-to-end option for those seeking vertical integration. This flexibility could attract a range of industrial partners, from pharmaceuticals to cosmetics, looking to leverage algae for sustainable manufacturing.
What Lies Ahead
As Intrinsic Foundries continues to pilot projects and refine its technology, the focus will be on scaling up and proving commercial viability. The company’s success could pave the way for other Indian startups to explore innovative solutions in the carbon capture domain, potentially positioning India as a leader in sustainable technology. The journey, however, will depend on bridging the gap between research and widespread commercial adoption.
