Carbon Capture Scotland Receives $5.85 Million Funding Package From NatWest

Carbon Capture Scotland To Remove 90% Of Biogenic CO2 By 2040 - Carbon Herald

The bank and Carbon Capture Scotland teams have signed off on a funding package that includes a 5-year $4.9 million (£4 million) Term Loan Facility and a 6-month $950,000 (£800,000) Grant Bridge facility. The Term Loan will serve the dual purpose of refinancing a development loan and providing additional liquidity to accelerate growth.

The Grant Bridge facility will specifically be used to finance two modular carbon capture units that have been developed by the founders. Once operational, these two modular units are expected to significantly enhance the company’s carbon capture capabilities, with the volume of CO2 captured set to triple within the next year.

Ed and Richard Nimmons, Co-founders and Directors of Carbon Capture Scotland, said: “This is not just a re-finance deal. This is real action being taken by a major bank demonstrating their commitment to helping society achieve net zero. Royal Bank has further strengthened Carbon Capture Scotland’s foundations, building our carbon capture infrastructure which will remove over 1 million tonnes of CO2 per year this decade and allow us to deliver permanent high quality carbon removal credits to the market.”

As one of the leading net-zero specialists in the UK, Carbon Capture Scotland (CCS) is using cutting-edge technology to decarbonize industries that emit biogenic CO2. The company is playing a vital role in the country’s green transition by accelerating carbon capture and storage efforts.

Their work focuses on sectors involved in the decomposition, fermentation, or combustion of organic matter, such as farmers, distillers, and energy-from-waste firms, where CSS is able to capture the emitted CO2 and find alternative beneficial uses for it.

The captured CO2, which cannot be utilized, is securely stored in geological formations for permanent storage. This innovative approach enables the company to produce carbon removal credits that are of exceptional quality and engineered to decarbonize challenging sectors.

Relevant: Carbon Capture Scotland Secures Industry Game-Changer

In a major announcement in November 2022, CCS revealed the launch of Project Nexus. The goal of this initiative is to remove one million tonnes of CO2 from the atmosphere annually by 2030. Furthermore, CCS aims to sequester 90% of Scotland’s biogenic CO2 emissions by 2040, which is equivalent to decarbonizing around 800,000 homes.

To achieve this ambitious target, CCS plans on investing £120 million in a range of infrastructure and supply chain projects as part of Nexus. The decarbonization company sought a banking partner to aid in their expansion efforts, and both the Steyn Group and Royal Bank of Scotland have stepped forward to provide financial assistance.

Read more: Carbon Capture Scotland Snags Another Ex-Storegga Executive

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