Cool Planet raises EUR23.7m capital to accelerate deployment of low-cost carbon capture solution

Cool Planet Technologies Ltd announced it raised EUR23.7m (US$25.6m) in a Series A2 funding round, led by Taranis Carbon Ventures. Other investors were CRH Ventures and BlueScopeX, along with existing investors Eni Next, NEVA SGR and Audacy Ventures.

The funding will advance Cool Planet’s ambition of becoming a leading provider of highly efficient point source carbon capture solutions for industrial emissions and will also enable the company to complete the demonstration of its technology at scale whilst accelerating commercial deployment, including the construction of a membrane manufacturing facility, according to a company statement.

“We are delighted to have the support of these three new major industrial investors and we want to thank our existing investors for their continued support. The investment is a significant endorsement and demonstrates their confidence in the technical advantage and commercial potential of our technology as well as the Cool Planet team. Cool Planet is committed to bringing affordable, modular decarbonisation solutions to industries and sectors that historically have been hard to decarbonise. We believe that our technology will significantly reduce the cost of carbon capture and help to accelerate its adoption at scale,” said Andrew Corner, Cool Planet Technologies CEO.
 
“This investment will enable us to demonstrate both the potential of our technology at scale and how Cool Planet will become a leading player in providing affordable solutions to help decarbonise multiple industries. We look forward to demonstrating our advanced modular membrane capture technology next year at a plant capturing 10,000tpa of carbon dioxide at Holcim’s Höver cement plant near Hannover in Germany,” he added.