Climate tech company CarbonCapture announced the closing of a series A funding round, raising $35 million from a series of high-profile investors and companies, including Rio Tinto, Idealab Studio, Idealab X, Marc Benioff’s TIME Ventures.
Carbon capture technology removes CO2 from the air, or from industrial applications before the CO2 is released, typically for sequestration or mineralization deep in the earth. Scaling carbon capture technologies is seen as key to enabling the achievement of global climate goals, and the sector has evolved as a focus investment area for companies, governments and investors.
CarbonCapture, created at technology incubator Idealab Studio produces modular Direct Air Capture (DAC) machines that use specialized materials called zeolites to absorb CO2 from the atmosphere. The renewable energy powered machines pull in ambient air, which is combined with zeolites, with CO2 captured and other gases released. The CO2 can then be injected into deep underground rock formations and permanently converted to solid form, or used for industrial purposes. By using zeolites, the solution lowers the cost of carbon capture and enables deployment at massive scale.
Marc Benioff said:
“Removing carbon from our atmosphere is one of the most effective and important ways to fight climate change. Carbon Capture Inc. represents the spirit of innovation we need to solve our climate crisis, harnessing next-generation technologies to take carbon out of the atmosphere and avert the worst effects of climate change.”
According to the company, the proceeds of the financing will be used to accelerate product development and to establish initial deployments of its DAC systems throughout the U.S. The first deployments will be with Rio Tinto and Talon Metals at a metals mine in the midwestern U.S. for purposes including utilizing disused mines and tailings to permanently store captured carbon through mineralization.
Nigel Steward, Chief Scientist at Rio Tinto, said:
“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. We look forward to working with CarbonCapture to explore the potential for permanently mineralizing and storing CO2 at Rio Tinto’s sites, which may also offer new commercial opportunities.”
CarbonCapture also announced the appointment of Adrian Corless as CEO. Prior to joining CarbonCapture, Corless was CEO of artificial lift technology company Rotoliptic Technologies, and has also served as CEO of Canadian-based clean energy and DAC company Carbon Engineering.
“I’m incredibly excited about the opportunity to lead CarbonCapture. 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.”