Fugu Secures Over $1M Funding For Solid Direct Air Capture Solution

Fugu Secures Over $1M Funding For Solid Direct Air Capture Solution - Carbon Herald

Fugu Carbon, an Australian startup, has secured over $1 million in funding for its solid direct-air carbon capture solution. 

The funding round was led by Investible, with significant contributions from Australian investors Jelix and Electrifi Ventures, as well as London-based Counteract

While the exact amount raised by Fugu has not been disclosed, insiders suggest that it falls within the range of $1 million to $1.7 million. This funding will allow Fugu to further develop and scale its team and operations.

Relevant: Wood Mackenzie: Australia Could Become $600B Carbon Storage Hub

The founders of this promising startup are Mac Thompson and Luke Marshall, key figures in the Sun Cable project. After their involvement in the development of the world’s largest solar plant, they shifted their focus to creating cost-effective and energy-efficient solid direct air capture (S-DAC) systems through their new initiative, Fugu.

Dr. Luke Marshall shared that the challenge of combating climate change is very tough. He commented that in order to meet climate goals, it will be necessary to plant the equivalent of three new Amazon rainforests by 2050, in addition to transitioning industry and society to be more sustainable—a task that will be extremely challenging to achieve within such a short timeframe.

He goes on to add, “We need new technologies that can accomplish this task at a fraction of the cost and difficulty. Furthermore, some industries will never be completely decarbonized, so we must provide a green low-cost solution for them.”

Read more: Chevron to Fund Two Carbon Capture Projects in Western Australia

According to Fugu, their technology can lower the cost of capturing carbon from the atmosphere to a point where environmentally friendly CO2 can compete with energy derived from fossil fuels. Their machines utilize solid sorbent filters that can be replaced with more advanced sorbents as they become accessible, guaranteeing ongoing enhancements in effectiveness.

In the future, Fugu aims to manufacture 2,000 large machines each year at its production facilities in key global carbon markets. The company predicts that this initiative will result in the removal of one gigatonne of CO2 per year by 2032.

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