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Maxus Capital Carbon SPE I

Skyonic or Carbonfree Chemicals SPE I, LLC
Manufacturing website LinkedIn News

What began as an idea to combat rising COlevels is now a reality with more than 130 patent applications (and over 35 patents granted) worldwide for Carbonfree Chemicals’ technologies.

Carbonfree Chemicals’ patented SkyMine® technology offers a new and much improved way to capture carbon emissions, and store those CO2 gases permanently and safely.

Before now, the best way to deal with greenhouse gases was to “pump them into the ground.” Carbonfree Chemicals’ vision is to have new or existing industrial manufacturing facilities, refineries, or even power plants equipped (or retrofitted) with SkyMine® technology. This technology will remove carbon from flue gases and transform it into solids like sodium bicarbonate (baking soda), and also produce hydrochloric acid, caustic soda, and bleach.

Why solids? There is no need for pipeline transport, injection, or concern about CO2 “re-release,” like with other carbon capture and sequestration (CCS), mineralization, or carbon storage processes.

Based in San Antonio, Texas, Carbonfree Chemicals is backed by inventive venture capital firms, individual investors who desire to help the environment, and even large-scale petroleum conglomerates.

That’s Carbonfree Chemicals’ history. The future is being created today.

BDC Credit Reporter View

The only BDC with exposure to the Company is Apollo Investment (AINV), which began in mid 2013 with a 2019 first lien loan for $60mn. That was increased to $79mn in IIIQ 2014. From IVQ 2016, when the Company went on Watch List the debt had dropped back to $59mn. The debt was restructured into a 2020 first lien and subordinated debt in IVQ 2017. Another restructuring occurred in IIQ 2018 when an equity tranche was added but the aggregate amount was not changed. The debt is paid in PIK at 5.215%, suggesting all is not well. This is one of AINV's largest investments, and should the Company go into default or fail could result in the loss of $2.7mn in annual investment income and up to $0.21 of NAV Per Share. 

Updated: October 29, 2018