secondcircle

What secondcircle does

Again is a vertically-integrated industrial biotechnology company that converts waste industrial CO2 into commercial-grade chemical products using AI-designed biocatalysts and modular biomanufacturing. The company's core technology — branded as the "Again Platform" — uses proprietary bacteria to convert gaseous CO2 from industrial point sources into acetate as a platform intermediary, from which drop-in products are produced across seven categories: aroma and flavors, coloring solutions, personal care, industrial enzymes, proteins, commodity chemicals, and fertilizers. Again sells to two primary customer segments: industrial CO2 emitters seeking to convert waste emissions into feedstock and chemical buyers seeking sustainable, carbon-negative alternatives to fossil-derived inputs; government entities are a secondary segment.

The technology originated from 15+ years of research at the Danish Technical University, Stanford, and MIT. Again operates three production facilities at different stages: CPH-1 in Copenhagen (operational since April 2023, capturing up to 1 ton of CO2 per day from Biofos's wastewater treatment plant with 25,500+ consecutive active hours); TXS-1 in Texas City (first commercial facility on US soil, developed in partnership with Dow Chemical, HELM AG, and Macquarie, with 32,000t lifetime CO2 abatement capacity and 20,000t lifetime product capacity); and NOR-1 in Porsgrunn, Norway (development stage under the EU Horizon-funded PyroCO2 project, targeting 10,000t of annual CO2 abatement and 4,000t of annual green acetone production).

Revenue is generated through chemical product sales via enterprise field sales to industrial producers and CO2 emitters, supplemented by a distribution and offtake agreement with HELM AG that handles local, regional, and international product distribution from TXS-1. Pricing is not publicly disclosed, no revenue figures have been reported, and the company remains privately held with no parent company or public ticker. Strategic partnerships — Dow Chemical for industrial validation, HELM AG for distribution, Biofos for feedstock, Macquarie for co-development, and EU Horizon for grant capital — are central to both the operational model and the growth roadmap.

Name

secondcircle

Legal name

Again

Website

https://secondcircle.bio

Company type

Private

Operating status

Operating

Short description

Again is a vertically-integrated industrial biotechnology company that uses AI-designed biocatalysts and modular biomanufacturing to convert industrial waste CO2 into commercial-grade chemical products for industrial emitters and chemical buyers, operating facilities in Denmark, the US, and Norway.

Ownership category

akta.pro rank

Product category

Industrial Biotechnology

NAICS

Chemical Manufacturing (325), Other Basic Organic Chemical Manufacturing (32519), All Other Basic Organic Chemical Manufacturing (325199), Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing (3253)

SIC

Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Biological CO₂ Utilization (algae/biotech conversion to fuels, chemicals, proteins) (EUABAIAJ)

akta.pro secondary industries

Bio-based Platform & Commodity Chemicals (e.g., bio-ethylene, bio-propylene, bio-BTX, bio-methanol) (EUAAAIAA), Solvent/Sorbent/Catalyst Materials & Capture Equipment Manufacturing (Absorbers, Strippers, Heat Exchangers) (EUAAALAJ)

Keywords

• CO2 conversion technology
• Industrial biotechnology
• AI protein engineering
• Biocatalysis manufacturing
• Carbon-negative chemicals

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Chemical Product Sales: Again generates revenue through the sale of CO₂-derived chemical products including acetone, aromatic compounds, coloring solutions, industrial enzymes, proteins, fertilizers, and commodity chemicals. HELM AG handles distribution to customers locally, regionally and internationally.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels1 record

Core offering

Again develops engineered bacteria and AI-designed biocatalysts that ferment industrial CO2 emissions into commodity chemicals such as esters and ethers. The company produces carbon-negative, drop-in replacements for fossil-derived chemicals at commercial scale, targeting industrial offtakers in the chemicals value chain. It couples proprietary enzyme engineering with gas fermentation to convert waste CO2 streams into sellable chemical products.

Product overview

Again is a vertically-integrated biomanufacturing company built on The Again Platform, which combines AI-designed biocatalysts, modular biomanufacturing technology, and waste-to-value conversion using CO2 feedstock. The platform produces Acetate as a core intermediary, from which commercial-grade drop-in products are manufactured across seven categories: Aroma & Flavors, Coloring Solutions, Personal Care, Industrial Enzymes, Proteins, Commodity Chemicals, and Fertilizers. The company operates three production facilities (CPH-1 in Copenhagen, TXS-1 in Texas, and NOR-1 in Norway) that demonstrate deployment of their technology at various scales, from research and development to commercial production.

Differentiator

Problem solved

Functional benefit

Products and services

• CO2-derived esters and ethers (bio-based commodity chemicals) Carbon-negative commodity chemicals (esters and ethers) produced by fermenting industrial CO2 with Again's engineered bacterial consortia and AI-designed biocatalysts. Sold as drop-in replacements to industrial chemical buyers seeking lower-carbon feedstocks.

Quantifiable outcome

• Projects go from start to go-live in 12 months vs 3-4 years for traditional approaches
• +3 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Dow ChemicalcoreStrategic or Co-development PartnerStrategic partnership for TXS-1, Again's first commercial facility on US soil located in Texas City. Dow Chemical provides industrial infrastructure and validates Again's technology at commercial scale in one of the dirtiest industrial hubs in the world.
• HELM AGcoreChannel Partner/ Reseller/ DistributorHELM AG serves as offtake and distribution partner for TXS-1 chemical products, handling sales to customers locally, regionally, and internationally. Also a partner in the TXS-1 facility development.
• BiofoscoreStrategic or Co-development PartnerBiofos operates the large-scale wastewater treatment plant in Copenhagen that provides live industrial CO₂ to CPH-1 facility. CPH-1 captures and converts up to 1 ton of CO₂ per day from Biofos operations.
• MacquariesupportingStrategic or Co-development PartnerPartner in TXS-1 project, contributing to the development and construction of the commercial facility in Texas City alongside Dow Chemical and HELM AG.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Solar Foods: Solar Foods uses gas fermentation to convert CO₂, water, and renewable electricity into protein (Solein) for food applications. Directly comparable on the biological CO₂ utilization mechanism and modular bioreactor approach, though focused on food protein rather than industrial chemicals.
• LanzaJet: LanzaJet is a sister company to LanzaTech focused specifically on alcohol-to-jet sustainable aviation fuel using the same gas-fermentation core. Comparable as a downstream commercial vehicle for acetogenic CO₂ conversion, though narrower in product scope.
• Solugen: Solugen produces commodity and specialty chemicals via bio-based manufacturing from sugar feedstocks. Comparable as a bio-based commodity chemicals platform with industrial-scale customers; Again's CTO is ex-Solugen VP, indicating direct technology adjacency.
• LanzaTech: LanzaTech uses proprietary gas-fermenting microbes (acetogens) to convert CO₂ and industrial gases into chemicals and fuels — directly comparable to Again's biological CO₂ utilization via acetogenic bacteria, though with broader fuel-product focus including ethanol and SAF.

Broad incumbents

• Ginkgo Bioworks: Ginkgo is a horizontal synthetic biology platform with foundry services and organism engineering across many end-markets including industrial chemicals. Comparable as the broader synbio incumbent whose Cell Factory capabilities overlap with Again's biocatalyst platform; Again's VP of R&D is ex-Ginkgo.
• Carbios: Carbios uses engineered enzymes to recycle PET plastics and produce bio-based monomers. Adjacent as an industrial biotech player using biocatalysis to produce chemical building blocks, with a comparable technology-adjacent business model though different feedstock.
• Amyris: Amyris was a leading synbio company producing bio-based ingredients and commodity chemicals via engineered yeast fermentation before its 2023 restructuring. Highly comparable as a vertically-integrated synbio chemicals company; Again's CTO and others are ex-Amyris.

Emerging players

• Air Protein: Air Protein uses aerobic fermentation to convert CO₂ and renewable hydrogen into protein ingredients for food. Partial overlap with Again on CO₂-as-feedstock biology, though Air Protein targets meat-substitute protein rather than industrial chemicals.
• Novonutrients: Novonutrients uses proprietary microbes to convert industrial CO₂ emissions into protein ingredients for food and feed. Closely comparable technology stack to Again — gas fermentation of CO₂ into biological products — with narrower product focus on single-cell protein.
• Circe Biotechnologie: Circe uses gas fermentation to convert CO₂ into specialty chemicals and ingredients for cosmetics and food. Direct overlap with Again's biological CO₂-to-chemicals platform, focused on a narrower product set of high-value ingredients.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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 secondcircle