Carbon Capture Closes $35 Mn Series A Funding Round
Carbon Capture Inc., a climate tech company that makes machines that remove CO2 directly from the atmosphere, announced the closing of a $35 million Series A funding round and the appointment of Adrian Corless as CEO.
October 20, 2021. By News Bureau
CarbonCapture will use the funds to accelerate product development efforts and to establish initial deployments of its renewable energy-powered Direct Air Capture (DAC) systems in locations throughout the U.S., starting with the Tamarack Nickel Project in central Minnesota in partnership with Rio Tinto PLC and Talon Metals Corp.
Analyses by the UN Intergovernmental Panel on Climate Change show that humanity must remove billions of tons of CO2 from the atmosphere in order to keep global warming to less than 2°C. To address this urgent need, CarbonCapture has developed a set of technical innovations that enable, for the first time, the use of zeolites for capturing CO2 as part of a commercial DAC system.
A class of molecular sieves, zeolites are inorganic, inexpensive, long-lasting, and non-toxic. Moreover, they are already manufactured in very large quantities for multiple industrial applications, eliminating a major barrier to economically scaling DAC to gigaton levels.
“I’m incredibly excited about the opportunity to lead CarbonCapture,” said CEO Adrian Corless. “This funding, in combination with our transformative technology, world-class team, and top-tier commercial partners, provides us with all of the necessary ingredients to quickly become the leading DAC company in the U.S.”
“By 2050, DAC companies will capture upwards of 5 to 10 gigatons of CO2 from the atmosphere each year. We are honored to participate in the very early stages of a new $500 billion plus industry,” said Brandon Simmons, general partner at Prime Movers Lab.
In addition to being designed to use renewable energy sources, including solar and geothermal, a unique aspect of CarbonCapture’s DAC machines is that they are highly tunable.
“Our investment in CarbonCapture shows Rio Tinto’s commitment to supporting innovative technologies that can make a meaningful contribution to addressing the climate change challenge,” said Nigel Steward, Chief Scientist at Rio Tinto.
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