Carbon Capture Tech Provider CMS Raises $16.5 Million
Advanced membrane solutions company Compact Membrane Systems (CMS) announced that it has raised $16.5 million, with proceeds from the financing aimed at supporting the development of the company’s technology to address hard-to-abate industrial emissions.
Founded in 1993, Delaware-based CMS provides membranes used for the capture and reduction of greenhouse gas (GHG) emissions. The company’s solutions are modular, electrified, and cost-effective, and designed to eliminate the need for regeneration, steam, or chemical solvents, addressing issues with traditional carbon capture technologies including high cost and energy intensity.
The company said that the financing will support the development and commercialization of its olefins and carbon capture solutions, with an aim of a fully-electrified, low-cost solution produced by 2026.
Erica Nemser, CEO of CMS, said:
“This oversubscribed funding round catalyzes our ability to deliver large projects. Deployment of our commercial systems by 2026 will have measurable environmental and economic benefits to our customers and society.”
The funding round was led by advanced materials venture capital firm Pangaea Ventures, marking the second investment of its Pangaea Ventures Impact Fund, with other investors including GC Ventures, Solvay Ventures, Chevron Technology Ventures, and Technip Energies.
Chris Erickson, Partner at Pangaea Ventures, said:
“We are excited to support CMS as they work to bring their innovative carbon capture technology to market. Their technology has the potential to significantly reduce carbon emissions from industrial processes, and we look forward to seeing their continued progress.”