The 3-year-old carbon removal startup Noya has just announced the successful closing of its Series A financing round, with $11 million raised in investment for its future DAC technology projects.
This new advancement will help the expansion of the company’s team, as well as its testing and manufacturing capacity, accelerating the release of their first commercial pilot, scheduled to be rolled out later this year.
The financing round was led by Union Square Ventures and Collaborative Fund, joined in participation by Lowercarbon Capital, Fifty Years, MCJ Collective, EQT Foundation, Climate Capital, Nexwell Group.
Among the list of companies supporting the startup, there is also one confidential endowment on behalf of a leading university, pursuing the partnership with Noya in an effort to incorporate sustainable solutions and gain long-term carbon removal credits.
Since appearing on the market in 2020, Noya and its Direct Air Capture technologies have attracted attention from organizations looking to implement plans for achieving their Net Zero targets, with big-name companies such as Shopify and Watershed among their initial customers.
The CO2 removal investment climate can get challenging at times, due to companies straying away from the huge amounts needed for hardware and testing processes.
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Noya, on the other hand, offers the advantage of low-cost, scalable carbon capture solutions, which explains the elevated interest and demand for the company’s projects.
As part of the new investment deal, Sophie Bakalar from Collaborative Fund and Fred Wilson from USV have joined Noya’s board of directors.
Wilson commented “ We believe direct air capture can become the leading way to perform carbon removal, and Noya’s low capex, high modularity process can become the leading direct air capture approach. USV is thrilled to support Noya through its future scale-up and growth.”
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