Eni, an Italian multinational oil and gas company, together with Audacy Ventures and Neva SGR, will invest a total of €3 million ($2.89 million) in sustainability company Cool Planet Technologies (CPT). Eni pledged cash to the carbon capture firm through its subsidiary Eni Next.
CPT will use the raised capital to progress the demonstration plant of its PolyActive membrane-based CO2 capture technology at Holcim’s cement plant in Höver, Germany.
The site is expected to go operational by Q4 of next year and capture 6,000 to 16,000 metric tons annually. The next two phases of the project are expected to capture 200,000 tons in 2025 and 1 million tons in 2026.
Commercial operations are planned for 2024, and a new capital raise is expected before that to cover the cost of future expansion.
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Established in 2019, CPT aims to commercialize emerging climate tech and turn into a global leader in the supply of carbon capture plants, bringing down costs and barriers to the commercial adoption of CO2 capture.
CPT’s technology – which is designed to capture CO2 from carbon-rich flue gas – has been technically proven in a lab and piloted in two coal power plants.
“We are delighted to have the support of these three major new investors,” said Andrew Corner, the managing director of CPT. “The investment demonstrates their confidence in the commercial potential of our technology as well as the CPT team and our partners. CPT is committed to bringing affordable, modular decarbonization solutions to industries and sectors that historically have been hard to decarbonize. We believe that our technology will significantly reduce the cost of carbon capture and help to accelerate its adoption at scale.”
“This project confirms the importance of CCS for reducing emissions in hard-to-abate sectors,” said Gabriele Franceschini, chairman and chief executive of Eni Next. “At the same time, it reinforces Eni Next’s commitment towards CCS technological development as a key lever to implement energy transition.”
Read more: Carbon Capture Clusters In The UK Are Expanding With New Eni Partnership
