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Four young Chennai-based entrepreneurs have come out with new technology that transforms harmful carbon emissions from industrial factories into one of the strongest materials - carbon nanotubes.
The professionals-turned-entrepreneurs have formed a new company, Damascus Fortune Technologies, to exploit the potential of carbon nanotubes, which is a multi-billion dollar market.
Kumarpal Chopra, chief learning officer, and a director of the company, said that this technology is used in manufacturing composites used for the automotive, aviation, batteries and other industries, which is a market size of $24 billion.
Additionally, carbon capture and storage is an $8 billion dollar market, yet unprofitable. With Damascus Fortune's technology, carbon emissions can be a commodity and can be sold rather than buried underground.
The other founding members of the company include Vivek Nair, the CEO, an engineer and the main inventor; Venkatesan K R (chief operating officer); and Venkateswara Rao (chief technology officer).
Chopra said the competitive advantage of the technology is the low cost of operations and zero raw materials costs.
The company is one of the top 11 tech companies of the world that has been selected to join Unreasonable at Sea, a global tech accelerator programme for entrepreneurs who wish to take their ventures into new international markets.
Chopra said the company has got expressions of interest from eight companies to install its carbon capture device to produce carbon nanotubes, and letters of interest from two companies to buy the carbon nanotubes in bulk.
"We are also looking to raise money and looking for strategic partners for building our first commercial installation, sales and furthering our intellectual property during the next 18 months," he added.
The professionals-turned-entrepreneurs have formed a new company, Damascus Fortune Technologies, to exploit the potential of carbon nanotubes, which is a multi-billion dollar market.
Kumarpal Chopra, chief learning officer, and a director of the company, said that this technology is used in manufacturing composites used for the automotive, aviation, batteries and other industries, which is a market size of $24 billion.
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The entrepreneurs reckon that Damascus Fortune's technology will create disruptive growth in the market with its eco-friendly and cost-effective production.
Additionally, carbon capture and storage is an $8 billion dollar market, yet unprofitable. With Damascus Fortune's technology, carbon emissions can be a commodity and can be sold rather than buried underground.
The other founding members of the company include Vivek Nair, the CEO, an engineer and the main inventor; Venkatesan K R (chief operating officer); and Venkateswara Rao (chief technology officer).
Chopra said the competitive advantage of the technology is the low cost of operations and zero raw materials costs.
The company is one of the top 11 tech companies of the world that has been selected to join Unreasonable at Sea, a global tech accelerator programme for entrepreneurs who wish to take their ventures into new international markets.
Chopra said the company has got expressions of interest from eight companies to install its carbon capture device to produce carbon nanotubes, and letters of interest from two companies to buy the carbon nanotubes in bulk.
"We are also looking to raise money and looking for strategic partners for building our first commercial installation, sales and furthering our intellectual property during the next 18 months," he added.
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