CarbonCapture, a Los Angeles-based company focused on developing technology to extract carbon dioxide from the air to combat climate change, has secured USD80m in funding from investors including Saudi Aramco [ARAMCO:AB], Prime Movers Lab, and the Amazon Climate Pledge Fund, as reported by Reuters on March 12. This funding round, one of the largest in direct air capture (DAC) technology in the past five years, aims to drive technology development and field installations.

CarbonCapture’s modular machines capture CO2 for storage underground or for use in products like concrete. The company’s Project Bison in Wyoming aims to capture 5 million metric tons of CO2 annually by 2030. The investment underscores growing interest in carbon removal technologies as a means to mitigate climate change impacts, with various companies and governments investing heavily in this area. Despite some hesitation within the DAC industry to partner with oil companies, CarbonCapture CEO Adrian Corless sees the necessity of diverse partnerships, including those with fossil fuel companies, to scale up carbon removal efforts effectively.

Sources:

https://www.reuters.com/sustainability/us-based-carboncapture-raises-80-mln-saudi-aramco-others-2024-03-12/