Avnos, Inc. – the Los Angeles-based direct air capture company, producing water while taking CO2 out of the atmosphere, just announced it has closed $36 million in Series A funding to scale its HDAC™ technology. The funds will be used to grow its world-class team, deploy additional hybrid direct air capture (HDAC) assets across North America and Europe, and open a new, state-of-the-art research and development facility located outside New York City.
The new facility is a multi-million-dollar research and development lab, 20,000 square feet in size and equipped with best-in-class equipment and infrastructure. It aims to enable Avnos to accelerate the pace of scaling the company’s technology while ensuring its systems continue to operate at peak performance.
According to the company, the facility will enable the Avnos team to accelerate the pace of development in areas that push current performance even further, optimize the quantity of CO2 captured, at lowest cost possible to build and operate in order to get the Avnos customers and the world to a gigaton scale of capture as quickly as feasible. The lab is expected to be fully operational in February 2024 and will employ around 20 new employees.
The $36 million funding round is an addition to Avnos’ previously announced capital raises. In July 2023, the company signed multi-year strategic partnerships, in excess of $80 million in aggregate, with ConocoPhillips, JetBlue Technology Ventures, and Shell Ventures LLC. It also has pilot projects with the U.S. Department of Energy and the U.S. Office of Naval Research.
The new financing round was led by NextEra Energy Resources, LLC, which is the world’s largest generator of renewable energy from wind and sun and a world leader in battery storage. The renewable energy company with dozens of GWs under management is joining other investors from the oil and gas sector like Shell Ventures to advance the direct air capture approach in addressing climate change. Additional backers are Envisioning Partners, and Rusheen Capital Management.
“At Avnos, we believe our novel HDAC technology is the world’s best shot at reaching the much-needed gigaton scale of carbon dioxide removal… We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial Series A funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration,” commented Will Kain, CEO of Avnos.
In terms of project pipeline developments, the company disclosed for Carbon Herald it has planned an aggressive pace of scale-up facilities over the next couple of years. As the US Department of Energy funded Avnos’ initial pilot plant, the US Office of Naval Research has supported the company’s subsequent HDAC facility. Avnos also revealed it will be a part of the four DOE DAC Hub applications that were selected for awards. It has also secured additional project development and sequestration partners for the next few plants. More details are expected to be disclosed later on.