Innovation Kyoto 2021 Investment Limited Partnership ("KYOTO-ICAP No.2 Fund"), with Kyoto University Innovation Capital Corporation ("Kyoto iCAP") (Head Office: Sakyo-ku, Kyoto; Representative Director: Ko Kusumi) as unlimited liability partner, has made a new investment in Rhinoflux Inc. (Head office: Sakyo-ku, Kyoto; Co-founder & CEO: Atsushi Mazawa), an energy startup originating from Kyoto University.

Outline of this investment
Rhinoflux is an energy startup company that develops power generation plant with the concept "more power generated, less CO2 emissions ", based on a novel power generation technology invented by Ryuichi Ashida, a lecturer at Kyoto University's Graduate School of Engineering.

n the power generation sector, which accounts for a large portion of CO2 emissions, there is a need for innovative technologies that make effective use of limited resources, expand usable raw materials, and realize inexpensive, clean power generation in order to achieve the goal of carbon neutrality by 2050, which many countries are aiming for. Under these circumstances, Dr. Ashida has invented the novel technology called “Hydro-chemical looping” with the following advantages: 1) wet biomass, which could not be used in the past, can be used as a raw material for power generation; 2) power can be generated at less than half the cost of existing biomass power generation and efficiency can be maintained even at small scale; and 3) CO2 can be concentrated for CCUS (Carbon Dioxide Capture, Utilization & Storage) without purification. Rhinoflux was established with the aim of implementing this technology in society. Based on these features, Rhinoflux is promoting its business by initially partnering with companies in industries that generate wet biomass residues, such as food & beverage industry. The more electricity is generated by the Rhinoflux power generation system, the more CO2 is recovered from the atmosphere, thus contributing to the realization of a carbon-neutral society.

Atsushi Mazawa, co-founder & CEO of Rhinoflux, is one of the first entrepreneur in residence program in Kyoto-iCAP, supported by the New Energy and Industrial Technology Development Organization (NEDO)'s Management Personnel Matching program (MPM). Rhinoflux is the first company created through this program. It is also one of the first programs to be selected for the Kyoto University-Mitsubishi Corporation Startup Catapult, an grant program within Kyoto University.

　Kyoto-iCAP, in collaboration with Beyond Next Ventures and Shimadzu Future Innovation Fund, has invested 100 million yen out of a total of approximately 200 million yen in a third-party allocation of new shares, in the hope that Rhino Flux will make a significant contribution to climate change mitigation through its innovative technology.

Overview of Rhinoflux Inc.
Establishment : April 2024
Business : Development of bio-energy with carbon capture plants
Head Office: Sakyo-ku, Kyoto, Japan
Co-founder & CEO: Atsushi Mazawa
HP: https://rhinoflux.com/

About Kyoto University Innovation Capital Corporation (Kyoto iCAP)
　As a wholly-owned subsidiary of Kyoto University, Kyoto-iCAP provides investment and other business support to companies that utilize research results generated by Kyoto University and other national universities. We currently operate the Innovation Kyoto 2016 Investment Limited Partnership ("Kyoto-iCAP 1 Fund") (established in January 2016) with a total value of 16 billion yen and the Kyoto-iCAP 2 Fund (established in January 2021) with a total value of 18.1 billion yen. The Kyoto-iCAP No. 1 Fund has a maturity of up to 20 years, and the Kyoto-iCAP No. 2 Fund has a maturity of up to 17 years, making it possible to provide long-term support for the practical application of research results from Kyoto University, which has strengths in basic research. The Kyoto-iCAP 2 Fund has a maximum maturity of 17 years. In addition, Kyoto-iCAP No. 2 Fund will invest a portion of the funds in ventures originating from national universities other than Kyoto University.

Contact information for inquiries
Kyoto University Innovation Capital Co., Ltd.
36-1 Yoshida Honmachi, Sakyo-ku, Kyoto 606-8317, Japan
Osami Kono, Senior Officer, Business Development Department
TEL: 075-753-7588 FAX: 075-753-7592
E-mail:info@kyoto-unicap.co.jp