Intrinsic Foundries, a startup based in Jharkhand, is pioneering an innovative approach to carbon capture using algae. Founded in 2023 by Shreyansh Jain, Sanjay Jain, and Umang Jain, the company aims to address the challenges of traditional carbon capture technologies, which have struggled to meet expectations despite significant investment and policy support.
Current carbon capture, utilization, and storage (CCUS) technologies face hurdles such as high costs and energy intensity, which impede widespread adoption. Intrinsic Foundries seeks to overcome these barriers by utilizing algae to absorb carbon dioxide from industrial waste and convert it into valuable biochemicals.
Market Potential and Government Support
The global CCUS market is projected to grow significantly, with an expected annual growth rate of 8%, potentially reaching $6.17 billion by 2033. In India, the government has allocated substantial funding to enhance CCUS technologies, aiming to capture 750 million tonnes of carbon emissions by 2050 in sectors like steel and cement.
Innovative Algae Solutions
Intrinsic Foundries has developed two distinct CCUS platforms: one that targets industrial flue gas emissions using phototrophic algae and another that processes wastewater with heterotrophic algae. These systems leverage a proprietary library of algae strains engineered for optimal carbon utilization.
Engineering Breakthroughs
Unlike traditional methods that rely on large open ponds, Intrinsic Foundries employs a proprietary extrusion system to create 3D-printed hollow tubular photobioreactors. This innovative approach reduces space requirements and addresses engineering challenges such as contamination and evaporation, making algae cultivation more efficient.
Business Models for Collaboration
Intrinsic Foundries offers two business models for collaboration with industrial partners. The first is a 'buyback' model, where the company sets up its CCUS platform on-site and charges an operating fee while paying customers for the harvested biomass. The second model allows companies to engage more directly in the value chain by licensing refining processes to commercialize the produced biomolecules.
Successful Pilot Projects
The startup has successfully completed a major industrial pilot at one of India’s largest power plants, capturing 85-90% of carbon emissions and generating significant biomass from flue gas streams. This success highlights the potential of algae-based solutions in reducing industrial carbon footprints.
Looking Ahead
As Intrinsic Foundries continues to expand its research and pilot projects, it aims to tap into the growing demand for sustainable manufacturing solutions. The company’s unique algae-based approach not only addresses carbon emissions but also creates valuable biochemicals, positioning it as a leader in the evolving CCUS landscape.
