An ocean carbon removal technology company is accelerating rate of deployment due to recent developments. Captura, a $1 million Xprize winner in 2022, announced on January 22nd it has raised $21.5 million in an expanded Series A funding round to commercialize its ocean carbon removal technology.
The funding round was joined by existing backers and new investors Maersk Growth, Eni Next, and EDP Ventures. Current backers that re-invested are Future Planet Capital who led the round, Equinor Ventures, Freeflow Ventures, Hitachi Ventures, Aramco Ventures, mTerra Ventures, and EIC Rose Rock Venture Fund.
According to the company, it plans to boost the progress of its technology pilot program and begin design work for commercial plants. Captura’s technology removes CO2 from ocean water and, as the startup states, the carbon dioxide can later be permanently stored or turned into fuels or other products.
Currently the company has two operational pilot plants in California and is developing its third in partnership with Equinor that is planned to be installed in the fall of 2024. It has a capture capacity of 1000 tons of CO2 annually. After this pilot, Captura plans to move into large-scale commercial deployments with early plants capturing tens of thousands of tons of CO2 or more annually.
“This past year, Captura has made remarkable strides on our path to commercialization… As we work to advance both our technology and business, we’re thrilled to welcome investment from industry-leading companies like Maersk, Eni Next, and EDP, and to have the continued support of our existing investors. With our growing network of deployment partners and investors, and the success of our technology pilot program, Captura is now well-positioned to bring our technology to market and deliver climate solutions at meaningful scale,” commented Steve Oldham, CEO of Captura on the Series A funding round.