Heirloom, a pioneering Direct Air Capture (DAC) technology company in the United States, has successfully raised $150 million in Series B funding.
This significant investment round was co-led by Future Positive and Lowercarbon Capital, both of whom previously participated in Heirloom‘s Series A funding.
A diverse group of new investors joined the round, including prominent industrial conglomerates and companies from sectors grappling with decarbonization challenges.
These investors encompass Japan Airlines Co., Ltd., Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., and Siemens Financial Services, representing key industries such as automotive, shipping, aviation, and advanced manufacturing.
This substantial investment underscores strong confidence in Heirloom’s potential to play a pivotal role in achieving net-zero emissions.
The secured funds will be strategically utilized to further reduce the cost of Heirloom’s DAC technology, develop additional projects, and secure the necessary infrastructure capital for future expansion.
Notable new investors in the Series B round include Future Positive, H&M Group, Japan Airlines Co., Ltd., Mitsubishi Corporation (Americas), Mitsui & Co., Ltd., MOL Switch LLC, Quantum Innovation Fund, and Siemens Financial Services, among others.
Relevant: Heirloom Announces Two Direct Air Capture Plants In Louisiana
Shashank Samala, CEO of Heirloom, stated:“We believe DAC is all about cost, cost, and cost – and that it will only scale to make a meaningful difference on climate change if it is affordable. This is precisely why people are investing in Heirloom.”
“Through our real-world deployments and continued technological advancements, we are demonstrating not only that Heirloom has a clear trajectory to the lowest-cost DAC solution – but that we are executing on that vision and delivering results,” Samala said.
The diverse participation in Heirloom’s Series B funding reflects the company’s industry leadership, significant technological progress, and robust deployment momentum.
Heirloom’s innovative technology leverages the power of limestone, the world’s second most abundant and cost-effective mineral, to effectively capture CO2 directly from the atmosphere. The Heirloom process commences by extracting CO2 from natural limestone, which naturally contains nearly 50% CO2.
By combining this extracted CO2 with water, the process creates a material with a strong affinity for CO2, enabling it to revert to its natural limestone state. This material functions as a sponge, efficiently absorbing CO2 from the atmosphere. Heirloom’s technology significantly accelerates this natural process, reducing the time required to absorb CO2 from years to just three days.
Once the CO2 is absorbed, it is extracted from the limestone material using a renewable energy-powered kiln and subsequently stored permanently underground.
