California-based direct air capture (DAC) developer Aircapture announced that it has raised $50 million in Series A funding to power its further advancement.
The successful funding round, led by the Larsen Lam Climate Change Foundation, will allow Aircapture to progress on its track of scaling its cost-effective direct air capture innovation.
Selected as one of the winners in the XPRIZE Carbon Removal competition for its participation in Project Hajar, Aircapture has made a name for itself with a novel DAC technology.
Its system boasts a modular design that enables a DAC installation on industrial production sites, where the machines capture atmospheric CO2, purifying it and delivering it as ready-to-use carbon dioxide for the production needs of the host facility.
This solution provides a steady and reliable CO2 source for industrial producers that traditionally rely on fluctuating carbon dioxide supply chains based on byproducts from oil & gas, ammonia, or ethanol production, which are also vulnerable to geopolitical changes.
Through this technology, Aircapture offers an on-site purified CO2 production system that can address the carbon dioxide needs of various industries, including food, beverage, and agriculture.
After its XPRIZE win, the company’s “CO2 as a service” offering has attracted long-term agreements with a number of high-profile clients, including a Fortune 100 beverage company.
Relevant: Project Hajar Wins $1M From XPRIZE Carbon Removal Competition
With the recently acquired funding, Aircapture will work on boosting the manufacturing capacity for its next-gen containerized DAC units while simultaneously dedicating efforts to expanding its commercial presence in North America, Europe, and Asia and growing the company’s engineering and deployment teams.
Aircapture founder and CEO Matt Atwood stated, “Our model delivers high-purity atmospheric CO₂ directly at the point of use, creating immediate economic value and significantly reducing the footprint of traditional CO₂ supply chains.”
“With this funding, we’re expanding our technology deployment, accelerating project financing and manufacturing, and continuing to reduce the cost of direct air capture—making large-scale carbon removal a global reality.”
Read more: Karpture: A New Platform That Tracks Real-Time DAC Carbon Removal
