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DexMat is raising a $10 million Series A to expand its production of high-performance fibers made from captured methane gas.

Why it matters: Manufacturing the lightweight material generates a fraction of the emissions of conventional carbon fiber or steel.

Zoom in: DexMat is making a soft, woven material to replace carbon fiber and steel.

It's conductive, so it can replace conventional copper or aluminum to expand the capacity of power lines and other electrical wiring. It also has defense applications, from anti-drone devices to body armor.

The latest: DexMat is in the diligence process with 15 potential investors, CEO Bryan Guido Hassin tells Axios. 

He expects to close the round this quarter. DexMat last year raised a $3 million seed round led by Shell Ventures.

State of play: DexMat spun out of Rice University with grants from the U.S.  Department of Defense.

The Air Force has been DexMat's biggest customer, but the startup has also expanded to the energy sector. 

The Houston-based company has received two grants from the U.S. Energy Department. It's a finalist for a third through the agency's competitive ARPA-E program. 

DexMat is also working with Prysmian Group and TS Conductor, which make conductive cables for transmission lines.

How it works: The company relies on pyrolysis, or intense heat, to split the carbon and hydrogen molecules in methane. The carbon is then turned into tiny nanotubes.

DexMat uses "wet-spinning," a process also used to make Kevlar, to turn the nanotubes into a material it's named Galvorn.

The intrigue: DexMat believes it can compete on cost with high-end grades of carbon fiber and steel within four years.

What's next: The startup plans to ramp annual production from a half-ton to about 30 tons in the next 12-18 months, likely while it remains at Shell's Technology Center in Houston. 

Exclusive: DexMat raising $10M to weave fiber from methane

The startup's Galvorn material has energy and defense roles.

Bryan Guido Hassin, CEO of startup DexMat, holds a roll of his company's woven carbon material.

CEO Bryan Guido Hassin holds a roll of his company's woven carbon material. A length of copper sits on the table to his right for comparison, next to a similar cord of DexMat's product. Photo: Alan Neuhauser/Axios

Climate tech

DexMat is raising a $10 million Series A to expand its production of high-performance fibers made from captured methane gas.Why it matters: Manufacturing the lightweight material generates a fraction of the emissions of conventional carbon fiber or steel.

Exclusive: DexMat raising $10M to weave fiber from methane

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