- CarbonCapture raises $80 million in a funding round led by Prime Movers Lab, with Saudi Aramco among investors.
- CEO Adrian Corless underscores the importance of partnering with industrial giants to scale up direct air capture (DAC) technology.
CarbonCapture, headquartered in Los Angeles, secures $80 million from investors, including Saudi Aramco. This is a significant boost for direct air capture (DAC) technology, according to PitchBook.
CEO Adrian Corless highlighted the importance of partnering with industrial giants to scale up DAC. Prime Movers Lab leads the Series A funding round, with participation from Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s TIME Ventures.
CarbonCapture designs modular machines that absorb CO2 when cooled and then release it when heated, allowing for underground storage or use in products like concrete. Project Bison in Wyoming aims to capture 5 million metric tons of CO2 annually by 2030.
That is a fraction of US emissions exceeding 6 billion tons annually. Carbon removal technologies like DAC are crucial for combating worsening climate change and helping challenging sectors achieve carbon neutrality.
Climeworks, Carbon Engineering, Verdox, and Heirloom are companies receiving significant carbon removal investments. Oil giants like Saudi Aramco, Occidental Petroleum, and ADNOC are investing in carbon removal efforts.
They are seeing it as a way to mitigate their emissions. CEO Corless emphasises the need for diverse partnerships in the DAC industry. He suggests that there will need to be more than just relying solely on small tech companies.