Carbon Engineering concludes major private investment round to develop CO2 capture technology

Carbon Engineering Ltd has announced the completion of an equity financing round of USD$68 million, marking the largest private investment made into a Direct Air Capture (DAC) company to date. With multiple investors now on board, this financing highlights the significant commercial interest in DAC, particularly from the global energy and private investment sectors.

This $68M financing will allow CE to commercialize and enter mainstream markets with its fully demonstrated DAC technology that is able to capture and purify atmospheric carbon dioxide (CO2) for under USD$100/tonne.

Speaking about the investment, CE's Chief Executive Officer, Steve Oldham said, "This financing round - the largest of its kind into a DAC company - shows the growing recognition of both the benefits and commercial readiness of our DAC technology. As the world assesses how to address climate change while keeping economies running with the energy they need, our technology can provide a key part of the solution.

"CE's DAC technology can be deployed to help companies and nations alike meet their climate change commitments and achieve significant emissions reductions, while at the same time creating opportunities for jobs, economic growth, and investment.

"Our DAC technology has been proven based on extensive testing in our pilot facility, and we're ready to scale up using existing commercial equipment to deploy reliable and cost-effective facilities. DAC is a viable tool for reducing emissions while continuing to provide affordable energy."

CE's DAC technology can help address climate change in two major and complementary ways: it can remove CO2 from the atmosphere and deliver large-scale negative emissions by permanently and safely storing the CO2 underground; and additionally, through integration with CE's AIR TO FUELS technology, DAC can also be used to reduce emissions from transportation by converting atmospheric CO2 into ultra-low carbon fuels that can power existing cars, trucks and airplanes without any modifications.

This $68M investment will allow CE to bridge the gap from the pilot demonstration of the company's DAC and AIR TO FUELS technologies, to mainstream market deployment. The funding enables expansion of CE's pilot plant in Squamish, British Columbia, and the engineering of the first commercial facilities. These industrial-scale DAC facilities can capture up to one million tonnes of CO2 from the air each year.

CE has welcomed a host of new private investors in this funding round, including global energy companies and top venture capital firms. This varied investor base will allow CE to harness the widespread expertise and market knowledge of its investors as the company proceeds with its go-to market strategy to deploy DAC technology around the world.

CE's investors now include: Bill Gates, Murray Edwards, BHP, Chevron Technology Ventures, Oxy Low Carbon Ventures, LLC, Bethel Lands Corporation Ltd, Carbon Order, First Round Capital, Lowercase Capital, Rusheen Capital Management, LLC, Starlight Ventures, Thomvest Asset Management (an affiliate of Peter J. Thomson), the Benjamin Family, the Hodgkinson Family, and the Hutchison Family.

Additionally, all of CE's Board, management and many of CE's staff have personally invested into the company as part of this round.

Fort Capital acted as advisors to CE on this transaction.

Related Links
Carbon Engineering
Carbon Worlds - where graphite, diamond, amorphous, fullerenes meet

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Study: Thawing alpine permafrost a stealth source of CO2
Washington (UPI) Mar 21, 2019
As alpine permafrost thaws, new sources of decaying organic matter become available to CO2-emitting microbes. Climate scientists and their models may be underestimating this stealthy source of carbon dioxide, according to a new study. In a paper published Thursday in the journal Nature Communications, scientists presented evidence that Colorado's Front Range tundra emits more CO2 than it absorbs each year, making it a net carbon contributor - potentially worsening the impacts of climate change ... read more