PeroCycle
PeroCycle is a UK-based industrial decarbonization spin-out from the University of Birmingham that uses proprietary niobium-based perovskite materials in a thermochemical reactor to convert steelmaking CO2 emissions into reusable carbon monoxide, serving integrated steel mills and foundation industries with retrofit-ready decarbonization solutions.
- Company typePrivate
- Founded2024
- HeadquartersCambridge, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What PeroCycle does
PeroCycle is a UK-based industrial decarbonization company founded in 2024 as a spin-out from the University of Birmingham's School of Chemical Engineering. It develops closed-loop carbon recycling technology that captures CO2 from steelmaking off-gases at blast furnaces, basic oxygen furnaces, and DRI plants and converts the captured CO2 into carbon monoxide via a proprietary thermochemical reactor operating at approximately 800°C. The reactor uses niobium-based perovskite active materials — developed through research by Dr. Harriet Kildahl under Professor Yulong Ding's lab — to enable the CO2-to-CO conversion, after which the CO is re-injected into the blast furnace as a reductant, creating an internal carbon loop rather than releasing CO2 to atmosphere. The company claims the system can abate up to 90% of carbon emissions from an integrated steel mill and reduce reliance on fossil-fuel-based reducing agents, while being retrofittable to existing plants at a fraction of the cost of building new electric arc furnaces.
The company is commercially engaged with foundation-industry customers — primarily integrated steel mills — through direct enterprise sales and feasibility assessment contracts. Its first named enterprise engagement is a multi-dimensional engineering and economic feasibility study with Jindal Steel (Oman) for the Port of Duqm steelmaking facility, announced in May 2026. The intended revenue model combines upfront feasibility and engineering services with downstream technology licensing and deployment economics as pilots mature. The technology is also positioned as applicable to other foundation industries — cement, glass, ceramics, and chemicals — giving PeroCycle a horizontal expansion path beyond steel.
PeroCycle is backed by strategic investor Anglo American (a global mining major) and venture-builder Cambridge Future Tech, which together provided approximately $5.09M in seed funding in November 2024. A July 2025 partnership with CBMM, a leading niobium producer, secures the supply chain for the proprietary perovskite active material. The company is led by co-founder and CEO Grant Budge (appointed June 2025), with Dr. Harriet Kildahl serving as Technical Director. The team is small (1–10 employees), the company is private (PeroCycle Limited, England & Wales), and operations span Europe and the Middle East with an explicit global enterprise sales motion.
PeroCycle firmographics
Firmographics- Name
- PeroCycle
- Legal name
- PeroCycle Limited
- Website
- https://perocycle.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- PeroCycle is a UK-based industrial decarbonization spin-out from the University of Birmingham that uses proprietary niobium-based perovskite materials in a thermochemical reactor to convert steelmaking CO2 emissions into reusable carbon monoxide, serving integrated steel mills and foundation industries with retrofit-ready decarbonization solutions.
- Ownership category
- akta.pro rank
PeroCycle industry classification
Industry- Product category
- Industrial Decarbonization Technology
- NAICS
- Basic Chemical Manufacturing (3251)
- SIC
- Industrial Inorganic Chemicals (2810)
- akta.pro primary industry
- Chemical Looping Combustion/Reforming (Oxygen Carrier-based Capture) (EUABAGAH)
- akta.pro secondary industry
- Oxy-fuel Combustion & Flue Gas Recycle Systems (EUABAGAE)
Keywords
Where PeroCycle is headquartered
LocationHeadquarters
- HQ city
- Cambridge
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
PeroCycle business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Feasibility Assessment Contracts: Engaging with steel producers through multi-dimensional engineering and economic assessments to evaluate technical integration, generate process flow diagrams, and assess site-specific environmental benefits.
- Technology Licensing and Deployment: Providing integrated decarbonisation solutions that can be retrofitted to existing steelmaking operations, creating a sustainable carbon loop.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
PeroCycle product offering
Product offeringCore offering
PeroCycle provides a closed-loop carbon recycling technology that captures CO2 emissions from steelmaking processes (blast furnace, basic oxygen furnace, or DRI plants), processes the CO2 through a proprietary thermochemical reactor at approximately 800°C using niobium-based perovskite active materials, and converts it into carbon monoxide (CO) that is re-injected into the furnace as a reductant, achieving up to 90% reduction in carbon emissions from integrated steel mills without requiring new plants or major infrastructure changes.
Product overview
PeroCycle offers a single unified carbon recycling technology platform for decarbonizing steel production. The technology integrates with existing steelmaking infrastructure (blast furnaces, basic oxygen furnaces, and DRI plants) without requiring new plants or major infrastructure changes. The system uses commercial gas separation to capture high-concentration CO2 streams, processes them through a proprietary thermochemical reactor to produce CO for reuse as a reducing agent, achieving up to 90% carbon emission reduction.
Differentiator
Problem solved
Functional benefit
Products and services
- PeroCycle Closed-Loop Carbon Recycling Technology A patented carbon recycling technology that captures CO2 from steelmaking off-gases (blast furnace, basic oxygen furnace, or DRI plant), processes it through a proprietary thermochemical reactor at approximately 800°C using niobium-based perovskite active materials to produce CO, and re-injects that CO back into the furnace as a reductant, enabling up to 90% reduction in carbon emissions from integrated steel mills. Designed for enterprise steel producers and foundation-industry heavy emitters.
- Feasibility Assessment Contracts
Quantifiable outcome
- Up to 90% reduction in carbon emissions from integrated steel mills
- +2 more outcomes
Companies that use PeroCycle
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
PeroCycle technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
PeroCycle partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Jindal Steel (Oman)corePeroCycle has secured a feasibility assessment contract with Jindal Steel (Oman) to explore integrating its patented carbon recycling technology into Jindal's steelmaking operations at the Port of Duqm. The multi-dimensional engineering and economic assessment will evaluate technical integration, generate process flow diagrams, and assess site-specific environmental benefits to determine viability for full-scale implementation.
- University of BirminghamcorePeroCycle is a spin-out from the University of Birmingham, with technology developed from research in the School of Chemical Engineering under Professor Yulong Ding's lab. The partnership focuses on commercialising carbon recycling technology for steel decarbonisation.
- CBMMcoreCBMM, a leading niobium producer, partnered with the University of Birmingham to reduce the cost of producing niobium for closed-loop carbon technology. The outcomes of this project will be commercialised by PeroCycle.
Scale indicators3 records
Recent moves7 records
Expansion highlights5 records
PeroCycle competitors and assessment
Company assessmentDirect peers
- Boston Metal: Boston Metal is developing molten oxide electrolysis to decarbonise primary steelmaking. It is the closest direct competitor to PeroCycle in targeting blast furnace replacement at major integrated steel producers with an alternative technological route.
- Electra: Electra uses low-temperature electrochemistry to produce clean iron from iron ore, directly competing in primary steel decarbonisation and targeting the same industrial steel customer base as PeroCycle.
- Stegra (formerly H2 Green Steel): Stegra is building hydrogen-based DRI green steel plants, representing the most capital-intensive competing pathway to the same steel decarbonisation end-market that PeroCycle targets with its retrofit chemical looping approach.
Broad incumbents
- Climeworks: Climeworks is the global leader in direct air capture and an established incumbent in the broader carbon capture market, competing with PeroCycle for industrial decarbonisation capital, corporate offtake, and policy-driven project pipelines.
- 1PointFive (formerly Carbon Engineering): 1PointFive is Occidental's large-scale DAC and CCUS business, a broad incumbent in the carbon capture space that competes with PeroCycle for industrial decarbonisation capital, corporate partnerships, and customer attention.
- LanzaTech: LanzaTech is a leading industrial CCU company using gas fermentation to convert waste gases — including steel mill off-gases — into fuels and chemicals, representing a more established competing CCU pathway in the broader industrial decarbonisation space.
Emerging players
- Cambridge Carbon Capture: Cambridge Carbon Capture is a UK spin-out developing post-combustion capture for industrial emitters. It shares PeroCycle's UK base, academic spin-out heritage, and focus on industrial CCUS.
- Econic Technologies: Econic Technologies uses catalysts to convert captured CO2 into polyols and polymers. It is a fellow UK-based emerging CCU startup commercialising CO2 utilisation technology for industrial applications, comparable in stage and geography.
- CarbonCure: CarbonCure injects captured CO2 into concrete for permanent mineralisation, paralleling PeroCycle's CCU-for-foundation-industries model (concrete vs. steel) and competing for similar climate-tech capital and corporate offtake agreements.
- Mission Zero Technologies: Mission Zero is a UK-based DAC startup developing electrochemical direct air capture. It shares PeroCycle's UK origin, industrial-decarbonisation focus, and comparable early-stage scale-up profile.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
PeroCycle social profiles
Digital presencePeroCycle financial estimates
Financial estimateRevenue estimate
Valuation estimate
PeroCycle leadership team
Management profileNumber of profiles
Profiles2 records
PeroCycle funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
PeroCycle M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about PeroCycle
What does PeroCycle do?
PeroCycle provides a closed-loop carbon recycling technology that captures CO2 emissions from steelmaking processes (blast furnace, basic oxygen furnace, or DRI plants), processes the CO2 through a proprietary thermochemical reactor at approximately 800°C using niobium-based perovskite active materials, and converts it into carbon monoxide (CO) that is re-injected into the furnace as a reductant, achieving up to 90% reduction in carbon emissions from integrated steel mills without requiring new plants or major infrastructure changes.
Is PeroCycle a public or private company?
PeroCycle is a private company. It is classified as venture growth investor backed and is currently operating.
When was PeroCycle founded?
PeroCycle was founded in 2024. It employs 1 to 10 people.
Where is PeroCycle based?
PeroCycle is headquartered in Cambridge, United Kingdom, in the Europe region.
How does PeroCycle make money?
Two revenue lines are on record. Feasibility Assessment Contracts are the primary driver. The others are technology Licensing and Deployment.
Who are PeroCycle's main competitors?
Direct peers on record are Boston Metal, Electra and Stegra (formerly H2 Green Steel). Broad incumbents are Climeworks, 1PointFive (formerly Carbon Engineering) and LanzaTech. Emerging players are Cambridge Carbon Capture, Econic Technologies, CarbonCure and Mission Zero Technologies.
Does PeroCycle have an API?
No public API is recorded for PeroCycle.
What industry is PeroCycle in?
PeroCycle's product category is Industrial Decarbonization Technology. Its primary akta.pro industry code is EUABAGAH, Chemical Looping Combustion/Reforming (Oxygen Carrier-based Capture), with a secondary code of EUABAGAE, Oxy-fuel Combustion & Flue Gas Recycle Systems. Its NAICS code is 3251 and its SIC code is 2810.