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US-based climate tech company CarbonCapture raised USD 80 mn in a series A funding round with participation from strategic investors including Aramco’s global venture capital arm, Aramco Ventures, according to a statement. The funds raised by the US startup is one of the largest investments into direct air capture (DAC) technology, Reuters reported, citing data from industry tracker PitchBook.
Who is also in: Other strategic investors include Amazon’s Climate Pledge Fund and Siemens Financial Services, according to the statement. The funding round was led by Prime Movers Lab with participation from Idealab X, Marc Benioff’s TIME Ventures, Neotribe Ventures, Alumni Ventures and others.
Where the funds are going: “Funds will be used to further technology development and to field early installations of CarbonCapture’s modular DAC systems,” according to the statement.
About CarbonCapture: The climate tech company develops and deploys DAC machines that absorb “massive amounts” of carbon dioxide from the air. It has pre-sold over USD26 mn in carbon removal credits to several global players, including Microsoft, Alphabet, Meta, JP Morgan Chase and Co and others.
ICYMI- Aramco said earlier this year it will pour an additional USD 4 bn to Aramco Ventures, more than doubling its capital to USD 7 bn over the next four years. The additional funding will boost investments in “new energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies”.
Aramco Ventures is already an active player: The company sank USD 10 mn into Singapore-based renewable energy certificate service provider Redex back in November, and backed new technology from American start-up Rondo Energy earlier in August. The VC also invested an undisclosed amount in a financing round by British sustainable fuels startup OXCCU led by Clean Energy Ventures in June.
Aramco has been busy with carbon removal efforts: Aramco said last year that it is partnering up with Siemens Energy to develop a direct air capture (DAC) test unit in Dharan. according to the statement. The test unit will have the capture capacity of up to 12 tons of CO2 annually and is set to be completed this year, paving the way for a larger pilot facility that will have a CO2 capture capacity of 1.25k tons per year. It is also in the process of finalizing an agreement with decarbonisation firm Topsoe to set up a lower-carbon hydrogen demonstration plant here.
