CarbonCapture Raises $80 Million from Saudi Aramco, Others
This funding round marks one of the largest investments in direct air capture (DAC) technology over the past five years.
Los Angeles-based CarbonCapture, a company dedicated to combating climate change by developing machines that extract carbon dioxide from the air, has announced a funding round of $80 million, with Saudi Arabian oil giant Aramco among the investors.[1]
Amazon's Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff's TIME Ventures were among the other participants in the Series A fundraising, which Prime Movers Lab led.
This funding round marks one of the largest investments in direct air capture (DAC) technology over the past five years.
CarbonCapture's innovative modular machines utilize materials that absorb carbon dioxide when cooled and release it when heated. This process enables the capture of carbon dioxide for underground storage or for use in various products like concrete.
CarbonCapture plans to refine its technology and scale up its operations in the coming years.
The company's Project Bison in Wyoming aims to capture 5 million metric tons of CO2 annually by 2030, contributing to efforts to mitigate climate change
Carbon removal startups, including Climeworks, Carbon Engineering, Verdox, and Heirloom, have attracted significant investments in recent years, with substantial support from government initiatives such as the US Department of Energy's $11 billion appropriation for the technology.
The involvement of fossil fuel companies like Saudi Aramco, Occidental Petroleum, and ADNOC underscores the industry's recognition of carbon removal as a potential solution to reduce emissions.