What they do.

Liquium produces proprietary catalysts that improve the Haber-Bosch process. The Haber-Bosch process is the century-old method by which the world makes ammonia. Liquium's catalyst is a retrofit, not a replacement. The existing global ammonia infrastructure stays in place. The chemistry inside each plant runs more efficiently.

Early validation work indicates Liquium's catalyst has demonstrated a potential improvement of more than 2× in ammonia productivity compared with incumbent commercial catalysts under relevant operating conditions.

Why it matters.

Ammonia is a foundational industrial chemical. It is the basis of fertiliser that feeds about half the world's population. It also plays a growing role in clean-energy storage, shipping fuel, and industrial chemistry. Producing ammonia accounts for roughly 2% of global CO₂ emissions. Over 180 million tonnes of ammonia is made each year, almost entirely using natural gas as feedstock and process heat.

The opportunity is structural. A more efficient catalyst means lower energy use per tonne of ammonia. Lower energy use means lower emissions and lower cost. The company that wins on catalyst chemistry wins on commercial economics. Decarbonisation comes along for the ride.

Where they are now.

  • February 2026, Climate Fund 2 led a $2 million investment round. This doubled down on Climate Fund 1's existing position. The fund holds approximately 17% across both vintages.
  • Working with European, Australian, and North American industrial partners on structured validation agreements.
  • Capital deployment supports technical-team expansion, catalyst manufacturing capacity, validation campaigns, and preparation for the 2026 investment campaign.

The CVCF investment.

Climate Fund 1 first invested in Liquium when the company was deeper in its R&D phase. Climate Fund 2's February 2026 follow-on is the kind of deal Climate Fund 2 is structured for. An existing portfolio company at a commercial-validation inflection point, with capital deployed alongside continuing Climate Fund 1 ownership.

The amount of emissions reduction is a signal for the success of the business and the impact of the business.
· Rohan MacMahon, Partner

Liquium passed the Climate Impact Committee's IRIS+ review at both the original Climate Fund 1 deployment and the Climate Fund 2 follow-on. Each catalyst tonne produced and each ammonia plant retrofitted has measurable emissions impact tied directly to the company's commercial output.