Carbon Clean has closed the largest-ever equity funding round for a point source carbon capture company with US$150m raised from existing investor Chevron. Chevron led the round alongside Cemex Ventures, Marubeni Corp and WAVE Equity Partners, as well as new investors, including AXA IM Alts, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy.
So far, Carbon Clean has raised US$195m, having closed its US$30m Series B investment round in August last year. This new funding will help support Carbon Clean’s aim to become the world’s leading provider of carbon capture solutions for heavy industry. “Making carbon capture technology accessible for hard-to-abate sectors is a huge opportunity. We will use this new funding to scale production of our breakthrough fully modular technology which will overcome the biggest challenges facing widespread adoption of CCUS – cost and scale,” said Aniruddha Sharma, chair and CEO of Carbon Clean.
Over the last 12 months, Carbon Clean has reached the landmark of 1.5Mt of carbon captured, signed partnerships with a number of companies, including one of the most mature carbon capture and storage and hydrogen projects in the UK, the Acorn Project, and launched CycloneCC. CycloneCC has a footprint ten times smaller than conventional carbon capture, making it easily deployable in less than eight weeks. According to the company, CycloneCC has the potential to reduce capex and opex by up to 50 per cent and drive down the cost of carbon capture to an average of US$30/t. As part of the new investment made during this latest round, Carbon Clean is developing a demonstration pilot to test CycloneCC at one of Chevron’s co-generation plans in California.
