Carbon Clean Closes Largest Ever Equity Funding Round

Published on: 12 May 2022 01:07 PM
by KnowESG

Carbon Clean, a global leader in cost-effective carbon capture technologies, has completed the largest ever equity fundraising round for a point source carbon capture company, advancing the company closer to its goal of achieving gigatonne-scale industrial decarbonisation by the mid-2030s.

Carbon Clean has raised $150 million in funding from existing investors Chevron, CEMEX Ventures, Marubeni Corporation and WAVE Equity Partners, as well as new investors AXA IM Alts, Samsung Ventures, Saudi Aramco Energy Ventures, and TC Energy. Carbon Clean has raised $195 million to date, including closing a $30 million Series B investment round in August 2021.

Carbon Clean's goal of becoming the world's leading provider of carbon capture solutions for heavy industry, which accounts for about 30% of global emissions, will be aided by the funds. Carbon Clean will achieve this by manufacturing and shipping hundreds of standardised, completely modular carbon capture devices to industrial facilities each year, in partnership with industrial partners and governments.

Aniruddha Sharma, Chair and CEO of Carbon Clean, said: 

"Carbon Clean's vision is to deliver global industrial decarbonisation on a gigatonne scale, and we are now on track to do this by the mid-2030s. We are at the forefront of sector innovation, delivering products that can genuinely change the world. Today’s funding round is a testament to the confidence of industry and global investors in our technology and its importance to reach net-zero goals.

“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.”

The company reached a milestone of 1.5 million tonnes of carbon captured, launched CycloneCC – the world's smallest industrial carbon capture technology, and formed partnerships with global companies like Veolia, CEMEX, and Chevron, as well as the Acorn Project, one of the UK's most mature carbon capture and storage and hydrogen projects.

Carbon Clean's newest technology, CycloneCC, which will be released in October 2021, has the potential to revolutionise industries such as steel, cement, energy from waste, refineries, and upstream/midstream oil and gas. CycloneCC has a ten-fold lower footprint than traditional carbon capture, allowing it to be deployed in less than eight weeks. The technology has the potential to lower CapEx and OpEx by up to 50% while driving carbon capture costs down to $30/tonne on average.

Carbon Clean and Chevron hope to create a technology demonstration pilot that will test CycloneCC at one of Chevron's co-generation units in California as part of the new investment made during this round.

Chris Powers, Vice President, CCUS for Chevron New Energies said:

"Chevron is proud to lead Carbon Clean’s record Series C funding round, and we look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower-carbon solutions. We have a long history of supporting the development and commercialisation of breakthrough technologies, and we’re especially excited about the potential for CycloneCC to revolutionise the industrial carbon capture sector.”

Source: Carbon Clean