Intro
Christian Vollmann - founder and CEO of Carbon One. Founded in 2022 they have raised approximately $14M to date with the mission to lower the green premium on green methanol and thus reduce the world’s dependency on oil, gas and coal.
Their aim is to establish circular carbon economies in three hard-to-abate industries: container shipping, aviation and chemical production.
Prior to founding Carbon One, Christian has built, sold and IPO-ed multiple business.
- First one, called iLove for his mentor Oliver Samwer where he built the business from scratch, up to Eur 25M Revenue while forgetting to get some equity in the business, ouch
- The second one MyVideo, which was one of the leading video platforms back then in Germany and France that he sold to ProSieben
- The third one was eDarling. They built a matchmaking business running 15 brands in 20 countries having revenue in 12 different currencies. They listed that on the New York stock exchange.
- And the forth one nebenan.de the largest social network for neighbours in Germany with around 3m active users.
Such a hustler!
During this episode we discuss about his learnings in building multiple consumer businesses, the motivation to start Carbon One and the mental struggles that an entrepreneur is usually faced with and some suggestions on how to deal with it.
Enjoy!
Episode
From Digital Entrepreneur to Climate Change Warrior: Christian Vollman's Journey with Carbon One (Episode Summary)
A Son's Plea and the Birth of a Mission
Christian Vollman, a seasoned digital entrepreneur, had already built and scaled multiple successful businesses. But it was a simple question from his 10-year-old son that sparked a profound shift in his entrepreneurial journey. "Dad, you always told me you're an entrepreneur, someone who solves problems. Why aren't you solving climate change?" This poignant question planted a seed in Vollman's mind, leading him to explore how he could best leverage his skills to address this pressing global issue.
The Promise of Green Methanol and the Challenge of Green Premiums
Vollman soon realized that green methanol held immense potential in decarbonizing hard-to-abate sectors like shipping, aviation, and chemical production. This clean-burning fuel could replace fossil fuels and enable a circular carbon economy. However, current green methanol production relied on century-old technology, resulting in a hefty green premium – making it four times more expensive than its fossil counterpart.
Reinventing Chemistry: Carbon One's Breakthrough Innovation
Determined to tackle this challenge, Vollman joined forces with a team of brilliant scientists who had developed a revolutionary process for green methanol production. Their invention, a homogeneous catalyst that dissolves both the feedstock and the catalyst in a liquid solvent, offered significant advantages over traditional methods. This breakthrough promised to slash production costs, making green methanol economically viable.
Scaling Up: From Lab to Pilot Plant to First-of-a-Kind
In just two and a half years, Carbon One went from lab-scale experiments to a pilot plant in a chemical park, demonstrating the viability of their technology.67 Their next hurdle: building a first-of-a-kind commercial plant, the critical step to proving the technology's scalability and cost-effectiveness.7 However, this stage presented a significant funding challenge, as the technology risk remained substantial for traditional investors.7
Navigating the Valley of Death: The Need for Supportive Ecosystems
Vollman acknowledged the difficulties in securing funding for this crucial phase, calling it the "valley of death" where many climate tech companies falter. He highlighted the need for a supportive ecosystem, including state-backed loan guarantees or grants, to bridge this funding gap and enable promising climate technologies to reach commercialization.
A Vision for the Future: Green Methanol at Cost Parity
Despite the challenges, Vollman remained optimistic. Carbon One's technology had already demonstrated a significant reduction in capital expenditure compared to existing methods. The first-of-a-kind plant, while not yet achieving cost parity, would be a stepping stone to larger plants that could ultimately produce green methanol at the same price as fossil methanol.
Demand Overhang: Awaiting Affordable Green Methanol
Vollman emphasized that the real bottleneck was not demand but production cost. Numerous companies, including Maersk, Lego, and various chemical and pharmaceutical giants, were eager to transition to green methanol but needed it to be affordable.
The Rollercoaster Ride: Lessons from a Serial Entrepreneur
Reflecting on his entrepreneurial journey, Vollman shared valuable lessons. He stressed the importance of starting narrow and focused, validating product-market fit through prototyping, and securing equity in your ventures. He also candidly discussed the emotional toll of entrepreneurship, highlighting the importance of seeking support from family, friends, and mentors to navigate stress and anxiety.
A Message to his Younger Self: Confidence and Ownership
Looking back, Vollman offered advice to his younger self: be more self-confident and ensure you have ownership in your businesses. He acknowledged the challenges of starting a company during the dot-com bust but emphasized that even in adverse circumstances, self-belief and taking ownership are crucial.
A Call to Action: Supporting Climate Tech Innovation
Vollman's journey with Carbon One exemplifies the crucial role that innovative startups play in tackling climate change. His story underscores the need for supportive ecosystems that nurture such ventures, enabling them to overcome funding hurdles and bring their solutions to scale. By fostering collaboration between scientists, entrepreneurs, investors, and policymakers, we can accelerate the transition to a sustainable future.