Iona Capital – a UK sustainable investment fund manager, has taken a stake in Carbon Capture Scotland Limited (CCSL) – a carbon capture company that reuses captured CO2 to produce dry ice.
Carbon Capture Scotland works with industries like distillers, energy-from-waste (EFW) firms and biomethane plants in the UK to capture biogenic CO2 from their operations to produce sustainable fuel feedstock, dry ice for commercial use, or sequester it.
Relevant: Carbon Capture Scotland Signs Green Dry Ice Deal With Iona Capital
The company’s pioneering technology captures CO2 from the decomposition, fermentation, or combustion of the organic matter produced by distillers, EFW and other plants. In the case of dry ice production, it is made by liquefying carbon dioxide and freezing it at low temperatures. When the dry ice melts, it releases back the CO2 locked in it.
“Our investment in CCSL is backing a team who have consistently outpaced the rapidly evolving carbon capture industry. Our partnership with CCSL provides a solid platform for investing into the full value chain of carbon capture, re-use, and sequestration, and will help drive CCSL’s growth,” said Alex Todhunter, Investment Director at Iona Capital.
Back in July this year, Iona Capital and Carbon Capture Scotland signed an agreement to capture and re-use CO2 from Iona’s biomethane plants across the UK. Prior to this agreement, CCSL has partnered with Iona’s Crofthead Anaerobic Digestion and biogas plant in Dumfries, where CCSL captures the CO2 at its adjacent site to produce dry ice for commercial use.
The acquisition of a stake from Iona will aim to accelerate CCSL’s work to deliver Project Nexus – a £120 million initiative to develop a compact, efficient and mobile carbon capture module (Nimmons900) specifically designed for capturing CO2 from fermentation sources.
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Project Nexus aims to remove one million metric tons of CO2 from the atmosphere annually by 2030. Another company goal is to sequester 90% of Scotland’s biogenic CO2 emissions by 2040. Prior to 2030, a primary focus for CCSL will be capturing biogenic emissions produced during fermentation in the whisky industry.
“For the carbon capture industry to reach full scale, we need practical, realistic solutions across the capture and transportation value chains. This is exactly what we do at Carbon Capture Scotland. Partnering with sector leaders such as Iona Capital enables us to scale rapidly and accelerate decarbonization in the UK industry,” commented Ed Nimmons and Richard Nimmons, founders of Carbon Capture Scotland Limited.
