Today, we celebrate a major milestone with the graduation of 35 startups from Cohort 23-2 (our second cohort of 2023) and Third Derivatives' First Gigaton Captured (FGC) program. After a rewarding 18-month journey with Third Derivative’s accelerator, these innovators enter a new chapter ready to build on their momentum to drive further impact as they reach scale.
Here are a few key highlights:
Cohort 23-2 remains one of our largest groups to date with 28 companies reaching graduation this week. Additionally, seven startups are completing their journey with FGC’s second cohort — marking the culmination of a program launched in 2021 in partnership with the Grantham Foundation to provide dedicated resources to promising carbon dioxide removal (CDR) startups in the field. After serving a total of 12 companies across two cohorts, we’re proud to graduate FGC’s second cohort with a CDR market that’s more mature and poised for greater impact.
As these startups transition into our growing alumni network, we are honored to celebrate their achievements and the incredible progress they’ve made within Third Derivative’s ecosystem.
From the moment this cohort was accepted, we were inspired by the range and ambition of their solutions. Their work spans multiple sectors, addressing critical challenges.
Some are advancing battery recycling and the repurposing of critical minerals, while others transform mining waste into low-carbon supplementary cementitious materials (SCMs) or developed new approaches to green steel production.
This cohort’s innovative technologies are finding their way into our homes and buildings by pioneering solutions to enhance efficiency and sustainability. From energy-storing appliances that improve grid flexibility to next-generation insulated window technologies and low-carbon construction materials, these advancements pave the way for more resilient, energy-efficient spaces.
While these startups tackled a broad spectrum of decarbonization challenges, the companies participating in the First Gigaton Captured cohort took a more specialized approach, focusing on cutting-edge CDR technologies including direct air capture, marine approaches, geochemical CDR, and geological carbon sequestration. These innovations address the urgent need for atmospheric CO₂ removal outlined in the latest IPCC Reports, underscoring the need for large-scale CO₂ removal alongside emission reductions to avoid climate catastrophe by 2050.
Beyond their technological breakthroughs, this cohort represents progress in building a more inclusive climate tech ecosystem. Overall, 29 percent of the founders identify as female or non-binary, which is especially notable considering that less than 7 percent of all climate tech venture dollars in the United States went to companies with a female founder in 2023. However, we recognize that there remains a need for continued investment in fostering diverse leadership within the climate space.
Decarbonization requires breakthroughs across nearly every industry, and while this can sometimes appear daunting, this cohort is proving that many of these solutions are already here — ready to reshape sectors from energy storage to low-carbon construction. Their achievements set the stage for even greater impact as they continue scaling and driving transformation in their respective fields.
Graduation is both a milestone and a launchpad for startups participating in Third Derivative’s accelerator program, marking achievements while paving the way for future impact. As alumni, startups will continue to benefit from access to Third Derivative’s global network of investors, mentors, and corporate partners. We look forward to staying connected with these talented founders who generously pay it forward by sharing their insights and experiences with future climate entrepreneurs participating in our program.
We’re also looking ahead to other exciting opportunities in the CDR space, with one focus area being marine CDR. If you're interested in collaborating on future CDR opportunities, we’d love to hear from you — reach out to explore partnership opportunities!
“Having such a supportive team with significant domain expertise — across science and technology, startup growth and financing — has been and continues to be a big asset for us as we grow. And the long-term nature of the support is also really valuable, as it allows us to build a strong relationship for when we most need targeted support. ”
Rory Brown, Co-Founder & CEO, Airhive (FGC)
Please join us in celebrating the incredible accomplishments of Cohort 23-2 and FGC. We’re excited to watch their continued success and amplify their impact as part of the Third Derivative alumni network.