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US-based direct air capture (DAC) specialist CarbonCapture has successfully completed an $80 million Series A funding round to further develop the technology and support early installations.
The financing comes from multiple investors, including Amazon’s Climate Pledge Fund, Saudi Aramco Ventures and Siemens Financial Services, and is led by science-based startup investor Prime Movers Lab.
As of this writing, CarbonCapture has pre-sold more than $26 million in carbon removal credits to multiple global companies, including Microsoft, Boston Consulting Group, Meta, Shopify and McKinsey & Company.
read more: Microsoft signs carbon removal credit agreement with CarbonCapture
CarbonCapture generates carbon removal credits by capturing atmospheric carbon dioxide and permanently storing it underground.
The company’s project uses its modular DAC system to filter carbon dioxide from the air. The captured carbon dioxide is then injected deep into the geological structure through Class VI injection wells (a regulatory designation established by the EPA).
Adrian Corless, CEO of CarbonCapture, said: “To achieve our ambitious mission to decarbonize the atmosphere, we must bring together the capabilities of global industry.”
He continued: “That’s why I’m so excited to welcome our new strategic investors – Amazon’s unparalleled logistics and supply chain capabilities, Saudi Aramco Ventures’ world-class capabilities, and Siemens’ digital transformation and energy transition expertise will bring Crucial. Help us scale DAC in the coming years.”
How does DAC work?
DAC technology captures carbon dioxide directly from the atmosphere, helping to achieve net zero emissions and ultimately net negative greenhouse gas emissions as existing emission sources are reduced. The technology is highly scalable and offers many advantages as a carbon dioxide removal (CDR) solution: it can be permanently sequestered, can be measured directly, and does not disturb natural systems.
DAC can be used in conjunction with underground storage or mineralization to permanently eliminate past CO2 emissions. Alternatively, captured carbon could replace fossil carbon in key everyday products.
According to a new report from scientists at the United Nations Intergovernmental Panel on Climate Change, “elimination of carbon dioxide is necessary to achieve net-zero emissions of carbon dioxide and greenhouse gases globally and nationally, and to offset ‘difficult to reduce’ residual emissions.”
Zia Huque, general partner at Prime Movers Lab and a member of CarbonCapture’s board of directors, said CarbonCapture has made substantial progress on both the technology and business fronts since its initial investment in the company.
He continued: “Prime Movers Lab has conducted due diligence on numerous carbon capture companies and we believe Adrian and his team will decarbonize our atmosphere at scale and become one of the most important breakthrough science companies.
North American CO2 Summit 2024
join in gasThe North American CO2 Summit will be held in Nashville in September 2024. More information, including our topics and agenda, will be released in the coming weeks – you can register your interest to ensure you are kept up to date.
Our 2023 North American CO2 Summit agenda is focused on how to capture, move and use CO2 more efficiently and is sold out, so we recommend you reserve your space.
Interested in speaking and contributing?Please contact our Content Director, Rob Cockerill, at [email protected]
To participate, sponsor and learn more, visit https://bit.ly/GWCO2NA-S24
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