Raw: [
California-based climate tech company CarbonCapture announced today that it has raised $80 million, with proceeds […]]
DAC Startup CarbonCapture Raises $80 Million from Investors Including Amazon, Aramco, Siemens – ESG Today
ESG Investing, sustainable finance & business sustainability news
ESG investing news, analysis, research and information
Top Stories ESG News
Companies
Government
Investors
Regulators
Sustainable Finance
ESG Solutions ESG Tools, Services
Companies Companies
Investors Investors
ESG Disclosure ESG Reporting
Analysis
Regulators
Reports, Studies
Newsfeed
Whitepapers
Events
About About us
Our Team
Advertise With Us
Environment/ Private Equity & Venture Capital
DAC Startup CarbonCapture Raises $80 Million from Investors Including Amazon, Aramco, Siemens
Susan Lahey
March 13, 2024
California-based climate tech company CarbonCapture announced today that it has raised $80 million, with proceeds to be used for the development and deployment of the company’s Direct Air Capture (DAC) carbon removal systems.
DAC technology, listed by the IEA as a key carbon removal option in the transition to a net-zero energy system, extracts CO2 directly from the atmosphere for use as a raw material or permanently removed when combined with storage. According to the landmark 2022 Intergovernmental Panel on Climate Change (IPCC) climate change mitigation study, scenarios that limit warming to 1.5°C include carbon dioxide removal methods scaling to billions of tons of removal annually over the coming decades, with DAC positioned to potentially account for a significant portion of the total.
Founded in 2019, CarbonCapture produces DAC machines that use solid sorbents to efficiently absorb CO2 from the atmosphere, and the company utilizes a modular and upgradeable capture system that allows next-generation sorbents to be swapped in as they become available, enabling cost reductions over time without the need to construct entire new facilities. CarbonCapture is currently developing “Project Bison,” a new DAC project in Wyoming in partnership with carbon storage developer Frontier Carbon Solutions. The project is expected to be developed over multiple phases through 2030, reaching 5 million tons of capture and storage annual capacity.
The company has signed $26 million in carbon removal credits, with offtake agreements last year to remove over 55,000 tons of carbon dioxide announced with companies including Microsoft, Boston Consulting Group and Amazon.
New strategic investors joining the Series A financing included Amazon’s Climate Pledge Fund, Aramco Ventures, and Siemens Financial Services. CarbonCapture said that the financing will support further technology development and to field early installations of the copmany’s modular DAC systems.
Adrian Corless, CEO of CarbonCapture said:
“To realize our ambitious mission to decarbonize the atmosphere, it’s imperative that we marshal the capabilities of the global industrial community. That’s why I’m so excited to welcome our new strategic investors—the unparalleled logistics and supply chain prowess of Amazon, the world-class capabilities of Aramco Ventures, and the digital transformation and energy transition expertise of Siemens will be pivotal to helping us scale DAC in the coming years.”
The financing was led by Prime Movers Lab, with participating investors also including Idealab X, Marc Benioff’s TIME Ventures, Neotribe Ventures, Alumni Ventures, and several other venture investors.
Zia Huque, Prime Movers Lab General Partner and CarbonCapture Board Member said:
“CarbonCapture has made substantial technical and commercial progress since our initial investment in the company, signing offtake agreements with some of the world’s largest brands. Prime Movers Lab has done due diligence on numerous carbon capture companies, and we believe Adrian and his team are the ones who will decarbonize our atmosphere at scale and emerge as one of the most important breakthrough science companies.”
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.
Related Posts
Environment /
EU Parliament Adopts Rules Targeting Fast Fashion by Making Producers Pay to Recycle Textiles
Private Equity & Venture Capital /
Southwest Airlines Launches Sustainable Aviation Fuel Venture Investment Business
Environment /
Mirova Raises Over $200 Million from Corporate Investors for Nature Restoration Fund
‹ PUMA Reduces Greenhouse Gas Emissions by 24% in 2023
ESG Today Newsletter – Subscribe
Subscribe to the ESG Today NewsletterJoin our mailing list for the latest breaking ESG investment news!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Sustainable Finance
RBC Adds “Decarbonization Finance” Category for Hard-to-Abate Sectors to Sustainable Finance Framework
Canada Issues $4 Billion Green Bond
Sunfire Raises $340 Million for Clean Hydrogen Production Tech
Verizon Issues $1 Billion Green Bond to Invest in Renewable Energy
Government
EU Parliament Adopts Rules Targeting Fast Fashion by Making Producers Pay to Recycle Textiles
Biden Administration Launches Zero Emissions Infrastructure Deployment Strategy to Decarbonize Freight Sector
EU Parliament Agrees to Ban Unverified Green Product Claims
Biden Administration Invests $425 Million in Clean Energy and Decarbonization Projects in Former Coal Communities
Categories
Select Category
Business Wire
ESG News
Analysis
Climate
Companies
Energy Transition
Environment
ESG Reporting
ESG Tools, Services
Executive Moves
Governance
Government
Guest Posts
Investors
M&A
New funds & products
Platforms & Markets
Private Equity & Venture Capital
Professional bodies
Regulators
Reports, Studies
Social
Social & Governance
Sustainable Finance
Welcome
Back to Top
Home
About us
Disclosure, cookies & privacy policy
© ESG Today 2024
Don’t miss the top ESG stories!Join the ESG Today daily newsletter and get all the top ESG stories, like this one.
Subscribe now below!
LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther
FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther
SUBSCRIBE!
You have Successfully Subscribed!
Never miss the latest breaking ESG investment news. Get ESG Today’s newsletter today!
Subscribe Now
c
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy