IPEACE223

What IPEACE223 does

iPEACE223 Inc. (iPEACE223株式会社) is a Tokyo-based, privately held chemical technology startup founded in August 2023 to commercialize zeolite catalyst technology developed by Mitsubishi Chemical Corporation. The company's core technology is the ETP (Ethylene to Propylene) process, a single-step catalytic conversion of ethylene into propylene using a proprietary modified zeolite catalyst, paired with a hydrogen-based (steam-free) catalyst regeneration method that avoids irreversible zeolite dealumination. The company sources ethylene from bioethanol dehydration, enabling the production of bio-propylene — a drop-in chemical feedstock — and bio-propane (an LPG alternative) without fossil-derived naphtha feed.

The company serves two B2B customer segments: chemical manufacturers seeking low-carbon propylene for polymer and chemical derivative production (primary), and LPG suppliers and energy companies seeking renewable propane as an LPG substitute (secondary). The business model centers on licensing of its ETP catalyst technology and process design, engineering services for plant construction, and eventually direct catalyst sales to petrochemical and energy customers. Strategic investors double as commercial collaborators — Nippon Kayaku (joint research on catalyst applications), Mitsubishi Heavy Industries (process plant design and construction), and JIXIS (bioethanol procurement and LPG marketing) — with Universal Materials Incubator (UMI) leading all three funding rounds. The company is pre-revenue, with a bench plant at Techno Hub Innovation Kawasaki (THINK) under construction and technical demonstration targeted for 2025, and a stated goal of 200,000 tons/year of bio-propylene by 2031.

Operations are based in Japan: a registered Tokyo head office co-located with UMI, an R&D center at the Tokyo Institute of Technology (now Tokyo Science University) Suzukakedai Campus in Yokohama, and the bench plant at THINK in Kawasaki. The company is recognized as Tokyo Tech Venture No. 156 and was selected for Forbes Japan's '100 Japanese Startups to Watch 2026'. Leadership comprises Tohru Setoyama (CEO/CTO; former Mitsubishi Chemical Executive Fellow and core inventor of the ETP technology), Shosuke Kiba (Representative Director; ex-INCJ, UMI Partner), and Toshiyuki Yokoi (CSO; Professor at Tokyo Science University Nanospace Catalysis Research Unit). Total funding raised to date is approximately 530 million yen (~$3.5M USD) across a 2023 seed round, September 2024 pre-Series A, and June 2025 pre-Series A2.

Name

IPEACE223

Legal name

iPEACE223株式会社（iPEACE223 Inc.）

Website

https://ipeace223.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

iPEACE223 is a Tokyo-based chemical startup commercializing proprietary zeolite catalyst technology (ETP process) from Mitsubishi Chemical to produce bio-propylene and bio-LPG alternative (propane) from bioethanol, serving chemical manufacturers and LPG/energy companies via catalyst licensing and plant process design services.

Ownership category

akta.pro rank

Product category

Green Chemical Catalysis

NAICS

Other Basic Organic Chemical Manufacturing (32519)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Biofuels & Renewable Fuels Switching (Biomethane/RNG, Bio-oils, Sustainable Biomass) (EUABAJAD)

akta.pro secondary industries

Biofuel Upgrading, Hydrotreating & Refining (Co-processing, Isomerization) (EUAAAHAG), Zeolites (Natural & Synthetic) (IMAEAFAN)

Keywords

• Zeolite catalyst technology
• Bio-propylene production
• Ethylene to propylene conversion
• Bioethanol chemical manufacturing
• Green propylene licensing

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations

Revenue model

1. Catalyst Process Development & Licensing: The company generates revenue through development contracts, licensing of its ETP catalyst technology and process design to petrochemical and energy companies, and potentially through the sale of catalysts and engineering services for plant construction.
2. Plant Process Design Services: iPEACE223 develops and designs catalytic processes and plant systems for large-scale bio-propylene and bio-LPG production. Revenue is generated from engineering services and process design contracts with industrial partners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

iPEACE223 develops and licenses proprietary zeolite catalyst technology (the ETP process) that converts bioethanol-derived ethylene into propylene and propane (LPG alternative) with high selectivity in a single step. The company also provides plant process design services and engineering support to enable industrial-scale bio-propylene and bio-LPG production for chemical manufacturers and energy companies.

Product overview

iPEACE223 is a startup company developing an innovative zeolite catalyst technology platform to greenize fuels and chemical raw materials. Its core offering consists of the ETP (Ethylene to Propylene) Process — a proprietary catalytic conversion technology — supported by specially developed zeolite catalysts. These components work together to convert bioethanol-derived ethylene into propylene (a chemical raw material) and propane (a fuel/LPG alternative) with high selectivity and at low cost. The company operates a bench plant at Techno Hub Innovation Kawasaki (THINK) for technical verification and is developing large-scale plant process designs.

Differentiator

Problem solved

Functional benefit

Products and services

• ETP Process (Ethylene to Propylene) Core proprietary catalytic technology that converts ethylene derived from bioethanol dehydration into propylene with high selectivity in a single step, enabling continuous and stable bio-propylene production for carbon neutrality. Licensed to chemical manufacturers and energy companies.
• Zeolite Catalyst (ETP Catalyst) Proprietary zeolite catalysts specifically modified for the ETP process, enabling direct conversion of ethylene to propylene with high selectivity and cost-effectiveness, with a unique steam-free regeneration method (hydrocracking of coke) to prevent irreversible dealumination and extend catalyst life.
• Plant Process Design and Engineering Services Engineering services for designing catalytic processes and plant systems for large-scale bio-propylene and bio-LPG production, delivered through process design contracts with industrial partners such as Mitsubishi Heavy Industries.

Quantifiable outcome

• Drastic reduction in CO2 emissions by replacing petroleum-derived naphtha feedstock with bioethanol for propylene and LPG production
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Mitsubishi Heavy Industries Co., Ltd. (三菱重工業株式会社)coreStrategic or Co-development Partner · 11 June 2025Mitsubishi Heavy Industries invested in the pre-Series A2 round (~300 million yen) and is collaborating on process plant design and construction. Mitsubishi Heavy Industries brings extensive experience in designing and building process plants, which is critical for iPEACE223's bench plant and future commercial-scale facilities.
• JIXIS Co., Ltd. (ジクシス株式会社)coreStrategic or Co-development Partner · 11 June 2025JIXIS, an LP gas supplier (wholesaler), is exploring collaboration with iPEACE223 in bioethanol procurement and LP gas marketing. As an LP gas company, JIXIS provides market access and distribution knowledge for the bio-LPG product.
• Nippon Kayaku Co., Ltd. (日本化薬株式会社)coreStrategic or Co-development Partner · 10 September 2024Nippon Kayaku invested in the pre-Series A round (~230 million yen) and entered into joint research with iPEACE223 starting in fiscal year 2024. The collaboration focuses on advancing the zeolite catalyst technology for practical applications in green propylene production.
• Mitsubishi Chemical Corporation (三菱ケミカル株式会社)coreTechnology or Integration · 20 December 2023Mitsubishi Chemical developed the core zeolite catalyst technology for the ETP reaction and has conducted long-term joint research with Tokyo Institute of Technology. iPEACE223 was established to commercialize this technology. The CTO of iPEACE223, Toru Setoyama, developed the technology during his tenure at Mitsubishi Chemical.
• Tokyo Institute of Technology / Tokyo Science University (東京科学大学)coreStrategic or Co-development Partner · 1 September 2023iPEACE223 was designated as Tokyo Tech Venture No. 156. CSO Toshiyuki Yokoi serves as a professor and research unit leader at Tokyo Science University's Nanospace Catalysis Research Unit. The company collaborates with the university on zeolite catalyst R&D and is based on campus.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Global Bioenergies: French company that has developed a fermentation route to bio-based propylene (and previously iso-butylene) from renewable feedstocks. Directly comparable to iPEACE223 as both target the same end-product (renewable propylene) via an alternative non-petroleum pathway.
• Citroniq: US-based startup developing 'green methanol to propylene' technology, positioning itself as a renewable propylene supplier. Competes with iPEACE223 for the same buyer segment (chemical manufacturers seeking low-carbon propylene) using a different feedstock pathway.
• LanzaTech: Carbon recycling company using gas fermentation to convert waste gases into fuels and chemicals, with propylene in its development pipeline. Comparable as a non-petroleum-route producer of platform chemicals, including propylene, for downstream polymer and fuel applications.

Broad incumbents

• Braskem: Brazilian petrochemical major that produces bio-based polyethylene from sugarcane ethanol, demonstrating commercial-scale renewable olefin production. Comparable feedstock strategy (sugar-derived ethanol) and serves the same downstream polymer manufacturers iPEACE223 targets.
• Mitsubishi Chemical Group: Japan-based petrochemical company that originally developed the ETP zeolite catalyst technology that iPEACE223 has licensed. As the upstream technology developer and a Japanese chemical major with propylene production assets, it is structurally comparable as both a licensor and a potential competitor in green olefins.
• Mitsui Chemicals: Major Japanese chemical company with renewable/bio-based chemical initiatives including bio-polyolefins. Operates in the same domestic Japanese propylene/olefin market as iPEACE223 and represents both a strategic partner candidate and a competing supplier of low-carbon chemicals.

Emerging players

• UPM Biochemicals: Finnish biorefinery company producing bio-based monoethylene glycol and renewable functional fillers from wood biomass. Comparable as a bio-based chemical platform player with an alternative (lignocellulosic) feedstock, but focused on different end-products than iPEACE223's propylene.
• Avantium: Dutch company developing plant-based chemicals and materials (including FDCA, MEG) using proprietary catalysis and process technology. Comparable as a publicly traded early-commercial-stage bio-based chemical platform reliant on proprietary catalytic process IP.

Others

• Clariant Catalysts: Global specialty chemicals company and large-scale manufacturer of industrial catalysts, including zeolites used in petrochemical processing. Comparable as an established supplier in the catalyst space that iPEACE223's technology must compete against for licensing or replacement customers.
• Zeolyst International: Joint venture between Zeolyst CBV (PQ Corporation and Shell/Criterion) producing specialty zeolite catalysts for refining and petrochemical applications. Comparable as a zeolite catalyst technology provider operating in the same catalyst category underlying iPEACE223's ETP process.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IPEACE223