26/04/2024

CarbonCapture Secures $80 Million Funding for Carbon Removal Technology

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CarbonCapture Secures $80 Million Funding for Carbon Removal Technology

 

Los Angeles-based CarbonCapture secures $80 million in funding, including from Saudi Aramco (world’s largest oil producer), for its carbon dioxide removal technology.

This investment is one of the largest in direct air capture (DAC) in the past five years. The company initially proposed small, transportable devices that customers could expand over time to extract carbon dioxide from the air.

The captured CO2 could be stored underground or used in industrial processes like making low-carbon concrete. However, CarbonCapture has shifted its focus to building a large-scale array of CO2 capture machines, which extracts carbon dioxide from the air and inject it into deep underground formations, aiding in climate change mitigation efforts.

Another similar company, Project Bison in Wyoming aims to capture 5 million metric tons of CO2 annually by 2030. Despite being a fraction of U.S. carbon emissions, the company plans to refine its technology and scale up operations.

The urgency of climate change has led to increased investment in carbon removal technologies, with other companies like Climeworks, Carbon Engineering, Verdox, and Heirloom also securing significant funding.

 

 

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