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Finnish-American climate solutions provider Carbo Culture announced today that it has raised $18 million, with […]]
Carbon Removal Startup Carbo Culture Raises $18 Million – ESG Today
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Carbon Removal Startup Carbo Culture Raises $18 Million
Susan Lahey
November 28, 2023
Finnish-American climate solutions provider Carbo Culture announced today that it has raised $18 million, with proceeds aimed at advancing the deployment and commercialization of its biochar carbon removal technology.
Founded in 2018, Carbo Culture transforms waste biomass using patented technology to permanently store carbon in a solid form as biochar. The company’s technology heats biomass waste at high temperatures in oxygen-limited environments, allowing it to durably store carbon. The resulting biochar, when added to soil, can increase nutrient retention and water-holding capacity as well as storing carbon that might otherwise be released into the air if biomass were allowed to decompose naturally. The process it uses not only produces biochar but also syngas, which can be used as used for producing ammonia, methanol or fuel.
Carbo Culture successfully commissioned R3, one of Europe’s largest biochar plants in August of 2023. The company plans to use the investment to start developing commercial scale projects.
Carbo Culture CEO and Co-founder Henrietta Moon said:
“We need to create a global (carbon removal) industry from scratch and we’re working against the clock, so the sooner we can roll out our projects to meet this demand, the better we can fight to remain below 2c.”
The Series A funding round was co-led by Singapore-based decarbonization-focused investment company GenZero and San Francisco-based venture capital firm True Ventures with participation from Tesi (Finnish Industry Investment Ltd), alongside other climate tech investors and family offices.
Frederick Teo, CEO of GenZero, said:
“Carbo Culture’s work leverages the power of both technology and nature to produce biochar with superior carbon sequestration capabilities. By undergoing Carbo Culture’s Carbolysis process, a greater amount of carbon is locked in per unit of biochar and stored more durably than conventional production methods. This proprietary technology also avoids the production of bio-oil, resulting in higher yields of clean syngas from waste biomass, which in turn can be used to generate renewable electricity and heat. We look forward to supporting Carbo Culture in their next stage of growth and scaling its decarbonisation impact across more markets.”
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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