A UK-based start-up co-founded by Monash University PhD graduate Dr Rajan Lakshman has secured £150,000 in seed funding from Carbon13 Ventures to commercialise technology pioneered at Monash University.
COOloop is developing a world-first catalytic process that converts captured carbon dioxide (CO₂) and renewable hydrogen directly into acetic acid — a breakthrough that could offer a carbon-negative alternative to fossil-derived production.
Each year, around 20 million tonnes of acetic acid are produced globally for use in plastics, textiles, paints, adhesives, and food products, with almost all current supply originating from fossil fuels.
The company’s Metal-Organic Framework (MOF) catalyst enables direct CO₂ conversion into acetic acid, potentially preventing millions of tonnes of carbon emissions while remaining cost- and scale-competitive with conventional methods.
This innovation stems from research led by Professor Akshat Tanksale and his team at Monash University’s Faculty of Engineering, supported by the Faculty’s Research Accelerator Award in 2019.
Working through the COVID-19 lockdowns, they developed a novel iron-based catalyst that converts CO₂ and methanol into acetic acid, replacing expensive noble metals — work later published in Nature Communications in 2023.
Building on this foundation, the team went on to design a cobalt‑nickel bimetallic catalyst capable of producing acetic acid directly from CO₂, eliminating the need for methanol as an intermediate.
COOloop co-founder and CEO Ike Omambala said the company’s partnership with Monash University is essential to transforming the technology from research into commercial success.
“At COOloop, we’re turning carbon from a liability into a valuable resource.
“Partnering with Professor Akshat Tanksale’s group at Monash allows us to bring cutting-edge, world-first catalysis from the lab into industrial reality.
“This collaboration shows how science and entrepreneurship can build a circular carbon economy and accelerate the transition to net-zero chemicals.”
COOloop’s co-founder and CTO Dr Rajan Lakshman, a Monash PhD graduate supervised by Professors Tanksale and Alan Chaffee, reflected on the significance of taking academic research to market.
“During my PhD at Monash University, I worked on developing new ways to convert carbon dioxide – one of the world’s most significant greenhouse gases – into valuable chemicals,” Dr Lakshman said.
“My research focused on transforming carbon dioxide into acetic acid, and our first breakthrough catalyst led to a patent filing.”
“It’s incredibly exciting to see this work now gaining real-world momentum through the formation of our spin-off company.
“COOloop represents an opportunity to take this technology beyond the lab and towards industrial application, with the potential to make a global impact on sustainable chemical production.”
COOloop will continue collaborating with Monash University to make the process economically viable and scalable for industrial deployment.
Professor Tanksale emphasised the broader potential of the breakthrough.
“I am thrilled to see our research translated into practice by COOloop,” said Tanksale.
“Negative carbon technologies are essential for achieving net-zero emissions.
“Starting with acetic acid, COOloop’s world-first technology could be a platform for other chemical applications, and our team will continue working with the company to demonstrate feasibility at scale.”
