Via Separations Raises Oversubscribed $38 Million Series B Led by NGP ETP to Transform Industrial Energy Use

Via Separations, a rapidly-scaling technology company that enables industrial decarbonization, announced a $38 million investment, led by NGP ETP, a growth equity investor focused on opportunities in the global transition toward a lower carbon economy. 2040 Foundation also participated in the round, alongside existing investors, including: The Engine, Safar Partners, Prime Impact Fund, Embark Ventures and Massachusetts Clean Energy Center. The new capital will be used to drive deployment in the pulp and paper sector and accelerate platform expansion to reduce energy usage throughout chemical production.

Via has begun deploying its platform to slash energy use and propel enhanced production in the pulp and paper sector with its sights set on broadly applicable industrial manufacturing. The company is electrifying industrial processes by replacing inefficient thermal separations with filtration-based systems. Via is targeting the nearly $100 billion in wasted fossil fuel energy used to separate chemicals, pulp, and petrochemicals. Via has partnered with leaders in the pulp and paper industry to deploy its technology, including Graphic Packaging International and Ahlstrom Munksjo.

"Via Separations' technology is well-suited to decarbonizing industrial sectors and has found a compelling beachhead market in the pulp and paper sector. Leveraging core innovation in membrane materials, Via has successfully demonstrated their innovative solution with multiple mill owners. We're excited to partner with the team to support their next phase of growth," said NGP Partner, David Colt.

"Decarbonizing the production of goods and materials is fundamental to a carbon-free future. Our mission is critical and time sensitive ? Via will be slashing CO2 emissions in the next year," said Shreya Dave, CEO of Via Separations. "By reducing the energy use of the building blocks of production, we generate value for our customers. With the support of our investors, we are positioned to scale this world-changing technology."

About Via Separations:
Based in Watertown, MA & spun out of the Massachusetts Institute of Technology, Via Separations eliminates energy use in industrial processes, enabling pathways for a more sustainable, resource efficient future. With its core filtration technology, Via has applications across industrial manufacturing. Via is a venture-backed company with investors such as The Engine, Safar Partners, Prime Impact Fund, and MassCEC, along with federal and state support such as the National Science Foundation. More information is available on its website at https://viaseparations.com/.

About NGP ETP:
NGP ETP focuses on investments that are part of the global transition toward a lower carbon economy. NGP ETP partners with top tier management teams and invests growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy or the efficient use of energy. Founded in 2005, NGP ETP is one of the most experienced energy transition investors in the industry. For additional information, visit www.ngpenergycapital.com/energy-transition.