Greennex Voices | Frederic Clerc on Carbon-to-Value: Tech Shifts, Evolving Business Models, and Global Investment Opportunities

By Greennex Global | October 2025

Venture capital has long celebrated breakthrough climate technologies. But as decarbonization matures, the real transformation may come from turning CO₂ itself into a building block for value creation. The carbon-to-value (C2V) market — once niche and experimental — is now rapidly evolving into a serious investment class, spanning fuels, materials, and chemicals that reuse carbon instead of emitting it.

Frederic Clerc speaking live at the Greennex Pulse October Roadshow

Frederic Clerc serves as Director of the Carbon to Value Initiative (C2V) and Interim Managing Director at the Urban Future Lab (NYU Tandon) — one of the most influential climate innovation programs in the United States. Over the past five years, he has led cohorts of pioneering startups transforming captured CO₂ into commercial products, connecting them with corporate partners, investors, and policymakers.

At the Greennex Pulse October Roadshow, Clerc shared his view on how the carbon-to-value market is shifting from research to revenue — and why credibility, financing discipline, and global collaboration will determine which players truly scale. In this Q&A, he explains where the strongest momentum is building, how MRV has become the new currency of trust, and why the next wave of breakthroughs may depend more on business models than on chemistry.

1｜Technology Momentum: Fuels, Materials, and Beyond

Greennex Global: Across the C2V landscape, which application areas are showing the most momentum today?

Frederic Clerc: We’re seeing real traction in sustainable aviation fuels (SAF), driven by European mandates and corporate buyers that want cleaner air travel. Companies like Lydian Labs in Boston are developing compact, next-generation reactor systems that make SAF production more efficient.

Another strong area is concrete and aggregates, where companies like Carbon Upcycling and ecoLocked are embedding CO₂ directly into cement and concrete. These projects not only decarbonize construction but also improve material performance and reduce costs.

On the chemical side, startups such as Carbon Free are converting CO₂ into calcium carbonates for paints and coatings, with their first-of-a-kind facility now being built in partnership with U.S. Steel.

Greennex Global: What about direct air capture (DAC)? Is innovation still moving forward there?

Frederic Clerc: Absolutely — though the market cooled after recent policy shifts in the U.S., we’re now seeing what I call DAC 4.0. The new generation of DAC startups is slashing energy consumption and capital intensity through novel separation and recycling methods. There’s real progress — just fewer, more credible players left standing.

2｜Credibility as Currency: The Rise of MRV Innovation

Greennex Global: Carbon credits remain controversial. How can startups build investor confidence in that space?

Frederic Clerc: If more than half your revenue comes from credits, measurement, reporting, and verification (MRV) must be at the core of your business. It’s not optional — it defines your credibility. And credibility defines the entire market.

Some of the most innovative companies are building their whole moat around MRV. Vycarb, for instance, mineralizes CO₂ in water while designing precise new methods for quantifying removal. Isometricx is another, working to build next-generation certification frameworks. For investors, MRV innovation should be one of the strongest validation signals — it’s how you separate real solutions from speculative claims.

3｜Scaling Logic: From Pilot to Project Finance

Greennex Global: What separates the C2V companies that actually make it to scale?

Frederic Clerc: I will say that repeatable unit economics is a very long journey in deep tech because you have a scientific or engineering innovation. Deep-tech companies go through four major stages — lab, pilot, demo, and commercial — and each one can take years. Most firms only reach true scalability by their third or fourth commercial deployment.

Of course, offtake agreements are critical for financing, but if pricing doesn’t match the real economics, they can collapse later. That’s why we’re seeing more companies adopt a hybrid “own-and-operate” model — building and running their first facilities before moving to licensing or joint ventures. It’s capital-intensive, but it gives founders control and credibility.

Greennex Global: Are there examples of smart early-revenue models?

Frederic Clerc: Yes, the best founders look for high-margin niche markets early on. AIRCO is a great case — selling captured-carbon alcohols into luxury products like vodka and fragrance. It’s small volume but strong proof of traction. Any dollar of verified revenue helps unlock capital.

4｜Cross-Border Capital: The Role of Global Investors

Greennex Global: What are the overlooked opportunities for global investors right now?

Frederic Clerc: It's actually a very good time to invest in C2V companies. Valuations for climate companies have come down due to AI and federal headwinds in the U.S. Take the innovation where it's the best, which is still the U.S., and deploy it where it makes sense — in Asia, South America, wherever.

The other opportunity is first-of-a-kind project finance. It is high risk, but if you have the right competency and approach to risk identification, there is complete and underserved white space. Investors tend to say, "We don't take any first-of-a-kind risk." But if you equip yourself with the right technical expertise, there are interesting deals out there. This is where cross-border capital can really be catalytic.

Final Word: Credibility, Capital, and Commercial Readiness

Carbon-to-value is entering a new phase—one defined by measurable outcomes over promises. The sector is moving from early-stage experimentation to commercial deployment, where credibility matters as much as innovation. The companies that integrate MRV credibility, sound engineering, and execution discipline will shape the future of climate infrastructure—and capture the capital needed to scale.

Greennex Global is a cross-border market intelligence and dealflow platform focused on climate infrastructure. Greennex Pulse is our monthly investor program spotlighting frontier-stage, globally ready climate tech startups based in the U.S.

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