Again’s deep-tech breakthrough transforms CO₂ emissions into industrial chemicals at scale

In the quest to decarbonise the industrial sector, few ventures have captured attention as distinctly as Again, a Danish-German deep-tech startup leveraging synthetic biology to transform CO₂ emissions into valuable chemicals and materials. Founded in 2021 with roots in pioneering research from the Technical University of Denmark (DTU), Stanford, and MIT, Again exemplifies the fusion of academic innovation with industrial-scale ambition and venture-speed growth.

At its core, Again employs genetically engineered gas-eating bacteria to convert waste CO₂, captured directly from the air and industrial exhaust streams, into acetic acid and derivative chemicals such as acetate. These are foundational ingredients in everyday products ranging from plastics and adhesives to fertilizers and cosmetics. Max Kufner, Co-Founder and CEO, summarises the innovation succinctly: the company uses the same carbon chemistry traditionally sourced from fossil fuels, but sustainably sourced by capturing carbon from the atmosphere rather than extraction from the ground.

Again’s approach intertwines a capital-intensive manufacturing arm with a computational biology and AI platform, enabling rapid discovery and process optimisation of new carbon-based molecules. This hybrid model blends what Kufner refers to as a hard tech foundation with software-driven agility, positioning Again as an “industrial platform” with significant intellectual property and operational complexity.

The company’s technological breakthrough has attracted a strong roster of investors, including GV (formerly Google Ventures), HV Capital, ACME Capital, Kompas VC, EIFO, and Atlantic Labs. HV Capital’s Jan Miczaika points to Again’s potential to redefine the European chemicals sector as a key factor in their backing: “This is a company that can reshape one of Europe’s base industries.” Beyond the climate implications, investors appreciate the rare combination of lab-to-scale technology, a massive addressable market embedded in Europe’s industrial backbone, and a founding team capable of navigating venture speed while tackling scientific rigour.

The scale of Again’s ambition is evidenced by its pilot facility in Copenhagen, processing approximately one ton of CO₂ daily to produce acetic acid and other chemicals. Plans are underway for expansion, including a major bioreactor plant in Texas City, Texas, a strategic petrochemical hub, designed to capture refinery emissions and produce commercial-grade compounds for industries such as plastics and cosmetics. This transatlantic operational footprint reflects Kufner’s philosophy of multipolarity and global market engagement, acknowledging the necessity of balancing European industrial partnerships with the risk appetite and talent availability found in the US.

Indeed, one of the toughest hurdles for Again has been securing the specialist scientific and engineering talent needed to operate at the interface of synthetic biology and industrial process engineering. Kufner notes that US ecosystems offer a more optimistic environment for deep-tech scale-up, prompting parts of the business to operate stateside while maintaining a strong European base. This mirrors a broader trend within deep tech, where founders must carefully manage cross-continental operations, regulatory regimes, and industrial policy landscapes.

Investor-founder dynamics also come under scrutiny in this context. Kufner himself transitions between roles, having moved from Atlantic Labs investor to operator at Again, embodying a growing model of “investor-founders” whose dual perspectives enhance both venture understanding and operational execution. Jan Miczaika highlights the delicate art of board governance in deep tech businesses: boards must avoid micromanagement while offering strategic insight, network access, and milestone accountability. For Again, the balance is struck through a functional, skills-complementary board that supports rapid R&D progress, talent acquisition, and operational scale without bureaucratic inertia.

Financially, Again recently closed a $43 million Series A funding round that included investors like GV and HV Capital, swelling total financing endeavors to around $100 million once grants such as the €47 million Horizon Europe PyroCO₂ project support are included. This capital fuelled the construction of pilot and pre-commercial plants, underpinning a meticulously paced journey toward Series B, where risk shifts from scientific validation to proving industrial scalability and commercial viability at petrochemical scale.

This capital-intensive phase requires milestone-based investing approaches, emphasising measurable progress, IP filings, efficiency improvements, sales contracts, over purely narrative momentum. Both Kufner and Miczaika stress that bridging rounds should be accelerative, not survivalist.

Europe’s industrial fabric, once a global manufacturing powerhouse, has waned, and founders like Kufner argue for a strategic renaissance powered by deep tech and clean biotech. The aim is not only to reduce emissions but to reclaim industrial sovereignty by turning carbon waste streams into economic value chains. This industrial renewal aligns closely with Europe’s climate goals and geopolitical interests as it seeks to balance sustainability with economic resilience.

For institutional investors, Again epitomises the high-risk, high-alpha profile of deep tech. Traditional VC metrics and SaaS-centric checklists do not apply; instead, investors must adjust their frameworks to focus on intellectual property strength, off-take contracts, and long-term asset value. This pivot is underscored by the growing conviction that Europe’s deep tech wave, while niche and challenging, offers transformative opportunities with outsized returns.

Founders, according to Kufner, should engage customers early, co-create value, and build culture deliberately, blending scientific excellence with organisational speed and optimism. Miczaika urges LPs and VCs to embrace asymmetry in risk and reward, diversify technology portfolios, and think of deep tech investments as a series of staged bets across emerging platform technologies.

In sum, Again’s journey, from lab innovation to pilot plants, transatlantic scale-up, and ambitious industrial ambitions, offers a blueprint for deep tech ventures aiming to decarbonise complex industrial sectors while revitalising Europe’s manufacturing core. It also highlights the cultural, operational, and financial nuances essential for navigating this challenging but ultimately transformative space.