Carbon Clean – a global technology innovator in the carbon capture space, announced a major milestone raising $150 million in a Series C funding round – the largest round ever for a carbon capture startup.
Chevron, Samsung, Saudi Aramco Energy Ventures, TC Energy and AXA IM Alts are among the new investors in the company.
Carbon Clean’s investment is also marking the largest equity funding round for a point source carbon capture company. This milestone is boosting the industry closer towards its goal of delivering industrial decarbonization on a large scale.
Existing investor Chevron led the round, alongside CEMEX Ventures, Marubeni Corporation, WAVE Equity Partners, and the new joint investors. To date, Carbon Clean’s investment totals $195 million, with the Series B round closing at $30 million in August 2021.
The investment will serve the company in positioning its breakthrough technology as a leading carbon capture solution for the heavy industry. Its technology, CycloneCC, launched in October 2021, and could become a game-changer for hard-to-abate sectors like steel, cement, energy from waste, refineries and upstream/midstream oil and gas.
CycloneCC needs 10 times less space than the competitive carbon capture installations on the market. The company managed to compress the size of the equipment needed and boost its efficiency by introducing a rotating disc into the tower, which increases the contact area for the reaction.
“It means you don’t need to have ugly towers, you can have everything within a shipping container, and that makes adoption much, much easier. It opens up carbon capture for heavy industry,” said Aniruddha Sharma, Chair and CEO of Carbon Clean.
According to Mr Sharma, the tech brings down the cost to $45 per ton, and it could move it even lower to $30 per ton by 2025.
“Making carbon capture technology accessible for hard-to-abate sectors is a huge opportunity. We will use this new funding to scale production of our breakthrough fully modular technology which will overcome the biggest challenges facing widespread adoption of CCUS – cost and scale,” added Mr Sharma.