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Transforming CO₂ into raw materials and decarbonising industries: an encounter with Sarah Lamaison, co-founder of Dioxycle
Article published in ''Entrepreneur's Voice'' in partnership with Le Figaro on 18 November 2025
Transforming industrial emissions into sustainable chemical compounds: that's the bold gamble taken by Sarah Lamaison and David Wakerley, co-founders of Dioxycle. Founded in 2021, the start-up is banking on a breakthrough electrochemical technology to recycle industrial emissions into sustainable chemical compounds. Backed by Breakthrough Energy, the fund owned by Bill Gates, Dioxycle embodies a new generation of scientific entrepreneurs who are committed to the decarbonisation of heavy industry.
Key takeaways:
Dioxycle has developed an electrolyser capable of turning CO or CO2 into ethylene (C2H4), a key chemical building block, currently produced from fossil derivatives
This process could help reduce up to 800 million tonnes of CO2 a year, equivalent to the annual emissions of a country like Germany
Participation in the Breakthrough Energy Fellows programme (Bill Gates) provided critical support to Dioxycle in validating its technology and structuring its industrial development.
You have developed a technology capable of turning CO2 into sustainable chemicals. How did Dioxycle come about, and how do your processes work?
The establishment of Dioxycle goes back to 2016, when my co-founder and I met in Cambridge. We were working on artificial photosynthesis and were fascinated by the ability of plants to use carbon to produce organic matter. That is precisely what we are trying to reproduce: capturing carbon, adding energy and transforming it into useful compounds.
We are developing a solution which with the help of a cutting-edge electrolyser allows industrials to recycle their carbon emissions and transform this CO2 into chemicals that can either be used in situ or commercialised.
Electrolysis, the key to the Dioxycle process
Electrolysis is a technology which uses electricity to cause a chemical reaction and transform one molecule into another. Dioxycle applies this process to carbon: its electrolyser is capable of turning CO or CO2 into ethylene (C2H4), an essential chemical building block used to produce plastics, textiles or packaging. The process makes it possible to reduce dependence on fossil derivatives and recycle industrial emissions into useful resources, helping to decarbonise heavy industry.
Dioxycle is the end result of five years of academic research and the invention of 13 patent families. How did you move from basic research to creating an industrial deeptech?
We were driven by a passion for imagining a carbon chemistry which is circular, breaking with the traditional linear model. Over the course of five years we undertook academic research, published several articles and developed 13 patent families.
Our process could eventually help reduce the amount of CO2 emissions by up to 800 million tonnes annually. That's equivalent to around 2% of global annual emissions, which is as much as the total carbon footprint of an industrialised country like Germany
This groundwork gradually led us to ask ourselves: could this technology be scaled up? We promised ourselves that if the answer was no, we would stop there. But the opposite happened: we saw huge potential, notably for decarbonising a wide range of basic chemical products. Our process could eventually help reduce the amount of CO2 emissions by up to 800 million tonnes annually. That's equivalent to around 2% of global annual emissions, which is as much as the total carbon footprint of an industrialised country like Germany! And that's just the start. The same logic can be applied to other strategic molecules in the chemical industry.
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The stakes are high: this is not just about optimising an existing process. It's about fundamentally rethinking chemistry. We need to move away from a linear model where we extract, transform and then discard, and embrace a circular approach where carbon is no longer a negative external factor but a resource to be applied.
Your project was backed from the start by Breakthrough Energy, the programme established by Bill Gates. In fact, you were the first European business to participate in the programme. How was this support decisive for Dioxycle?
We were lucky enough to be part of the inaugural 2021-2023 cohort of the Breakthrough Energy Fellows programme.1 This philanthropic support was crucial: it allowed us to de-risk the technology at what was still quite an experimental stage by giving us financial means and access to a network of very high-level experts and industrials.
This first phase then allowed us to convince Breakthrough Energy Ventures [the organisation's investment fund – editor] to participate in our funding round in 2023. Its twofold assistance was essential, first to accelerate our technological maturity and then to structure our industrial development.
"Europe as a continent is structurally dependent on fossil resources. It is therefore in our best interest to build a more simple, circular and resilient industry."
What drives you personally to continue the adventure?
I am originally from the Basque country, a territory where nature is everywhere and where you grow up with a very strong awareness of the environment. I knew at an early age that I had a knack for science, and I wanted to place it at the service of something bigger than me. Working on a really innovative technology which has a concrete chance of contributing to the fight against climate change is extremely stimulating. It’s an inexhaustible source of motivation, every morning. Setting up a business was for me a way of making this process tangible.
Europe as a continent is structurally dependent on fossil resources. It is therefore in our best interest to build a more simple, circular and resilient industry. Beyond the technological aspects, what I find deeply enriching about being an entrepreneur is the human dimension. Bringing talent together, creating collective momentum, pursuing a joint project: these are the things that give the adventure its meaning.
How do you split your role with David Wakerley, the co-founder of the business?
David is the co-founder and CTO of Dioxycle. He guides the foundational scientific dimension of the project, the work connected with chemistry which is at the heart of our technology. This is an extremely technical and complex field requiring specialist expertise, and David has a very extensive background in this area.
For my part, as CEO I focus more on the industrial development strategy: the scaling up, the partnerships with industrial players, structuring the business model and of course fund-raising. In summary, I am in charge of everything related to the marketing and structuring of our business as we grow.
What are the levers that would encourage more scientists to create their own start-ups?
I think there are a huge number of researchers who would like to become entrepreneurs but come up against systemic obstacles. The first is the complexity of technology transfer. Researchers in France are dependent on the universities, which in turn are affiliated to commercialisation structures, known as SATs, which hold the intellectual property rights. A researcher is often the inventor, but doesn't own the patent.
What we need in France is simple, transparent national standards with defined template contracts. This would accelerate the commercialisation of public research and unleash the entrepreneurial energy of scientists
In our case, it took us more than eight months of negotiations with the SAT before launching the company. It cost us EUR 30,000 in legal fees. This level of complexity is discouraging. The system suffers from a cruel lack of standardisation: each SAT has its own practices, its own frameworks, its own time frames. It means there is a lack of transparency, there is frustration, and a lot of time is wasted.
By contrast, the image of the scientific entrepreneur in the United States is accorded a much higher value. There is a real ecosystem, which makes it easier to move from research to innovation. What we need in France is simple, transparent national standards with defined template contracts. This would accelerate the commercialisation of public research and unleash the entrepreneurial energy of scientists.
Dioxycle has raised a total of USD 37 million to date... We have proven that our technology works, that it is scalable and, above all, that it is ready for direct deployment on industrial sites
Where are you currently at, and what are the next major steps for Dioxycle?
Dioxycle has raised a total of USD 37 million to date.2 In concrete terms, these resources have allowed us to scale up. We have gone from a team of 4 people to 30 employees. We have a robust portfolio of patents3 in the area of electrolysers and associated technologies and we have developed several prototypes,4 from the lab to on-site demonstrations, in order to validate the upscaling of the technology. The most recent one is the size of a car and is our first electrolyser for industrial use. We have proven that our technology works, that it is scalable and, above all, that it is ready for deployment directly on industrial sites.
This is a marketing communication issued by Bank Lombard Odier & Co Ltd (hereinafter “Lombard Odier”).
It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication.
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