Carbon capture solutions provider Carbon Clean announced today it has raised $150 million in a Series C funding round to scale its heavy industry decarbonization solutions. The financing marks the largest ever equity funding round for point source carbon capture, which prevents CO2 from entering the atmosphere by capturing and filtering it out at the source of emissions.

The funding was led by energy giant Chevron, with participation from both existing investors, including CEMEX Ventures, Marubeni Corporation, and WAVE Equity Partners, and new investors, AXA IM Alts, Samsung Ventures, Saudi Aramco Energy Ventures, and TC Energy.

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.”

Founded in 2009, Carbon Clean offers solutions for hard-to-abate industries such as cement, steel, refinery, and energy from waste. The company has developed a fully modular technology, CycloneCC, which has a footprint 10 times smaller than conventional carbon capture. According to Carbon Clean, the solution has the potential to reduce CapEx and OpEx by up to 50% and drive down the cost of carbon capture to $30/tonne on average.

According to Carbon Clean Chair and CEO Aniruddha Sharma, the company is now on track to deliver global industrial decarbonization on a gigaton scale by the mid-2030s. Heavy industry accounts for about 30% of global emissions and the new funding will help the company reach its target of becoming a world-leading provider of carbon capture solutions for this industry.

Sharma said:

“Making carbon capture technology accessible for hard-to-abate sectors is a huge opportunity. We will use this new funding to scale production of ourbreakthrough fully modular technology which will overcome the biggest challenges facing widespread adoption of CCUS – cost and scale.”

Jefferies acted as exclusive financial adviser to Carbon Clean on the funding round.