Investment Notes: Bygen

We are thrilled to reaffirm our commitment to Bygen, a pioneering climate tech company based in Victoria, Australia, transforming how the world produces activated carbon.  

Following our initial investment (read our initial investment notes here), we are backing the team again as they enter their next phase of global growth, delivering low-emission, high-performance activated carbon solutions for water purification, PFAS remediation, and industrial decarbonisation.

Bygen’s technology not only addresses urgent environmental challenges but also positions them as a key player in the transition to a cleaner, more circular economy.

The A$3.5M competitive investment round was led by Breakthrough Victoria, with participation from Investible’s Climate Tech Fund, FMG Circular Invest, Alberts, and the University of Adelaide. The funding will accelerate the commissioning of Bygen’s largest facilities to date, each capable of producing 2,000 tonnes of sustainable activated carbon annually.

At Investible, we’ve been consistently impressed by founder and CEO Lewis Dunnigan’s commercial acumen and willingness to engage deeply with feedback. Lewis has continually demonstrated a proactive approach to execution and growth, helping to shape Bygen’s trajectory as a standout Australian climate tech company.

Reflecting on the partnership, Lewis shared

“It’s been a very good experience and I think that's demonstrated by the fact that we pushed very hard for Investible to take up a lot more than their allocated pro rata because we view them as a very key investor and shareholder for us moving forward.”

Scalable Innovation Backed by Structural Cost Advantage

Bygen’s proprietary Low-Temperature Activation (LTA) technology transforms agricultural and forestry by-products into high-performance activated carbon with significantly lower energy use and emissions than conventional methods. This cost-effective, scalable platform enables applications across water and air purification, gas filtration, and soil remediation—sectors with rising environmental and regulatory demand.

Bygen’s material consistently outperforms industry benchmarks, achieving over 98% PFAS removal efficiency and surpassing standards for surface area and purity. Crucially, Bygen delivers this performance using lower-cost feedstocks, enabling superior unit economics in a traditionally commoditised industry.

While the activated carbon sector may not carry the same profile as other climate tech segments, Bygen is defying expectations. Demand for its product is already outstripping supply, and its defensible production model positions the company to scale profitably. With strong commercial traction and a compelling cost-performance edge, Bygen is well-placed to deliver venture-scale returns in an overlooked but essential sector.

Global Momentum and Market Recognition

Since our initial investment, Bygen has commissioned a commercial-scale facility in Adelaide (600 tonnes per annum capacity), which has been operating since April 2024. Building on this success, the company is now constructing four new 2,000-tonne per annum facilities across global markets—supported by a newly secured fabrication partner that enables multi-site deployments at significantly reduced capital cost.

This model unlocks rapid scalability and new strategic options, such as joint ventures and licensing, while lowering the barriers for customer adoption in both developed and emerging markets.

Bygen’s breakthrough year has also been recognised with major industry accolades:

• Winner – Net Zero Challenge 2024, Circular Economy & Waste Management Track

• Silver Award – AuManufacturing’s Most Innovative Manufacturers, featured in the Top 50 Most Innovative Manufacturing Companies

As part of the Net Zero Challenge, Bygen will pilot a project in Vietnam using locally sourced agricultural by-products, demonstrating the geographical adaptability of its low-temperature activation (LTA) process and further validating the company’s global potential.

With strong commercial pull, defensible IP, and a lean deployment model, Bygen is well-positioned to lead a new wave of clean industrial infrastructure. We’re proud to back a team delivering scalable impact through world-class science and practical engineering.

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