Carbon Clean Solutions Limited, a clean technology startup, said on Monday it has raised $16 million in an equity funding round from WAVE Equity Partners, Chevron Technology Ventures (CTV) and Marubeni Corporation.
While WAVE is a clean-tech-focused investor in areas such as clean energy, food, water and waste, CTV is the investment arm of oil and energy giant Chevron, and Marubeni is a Japanese conglomerate with businesses in food, chemicals, infrastructure and agriculture among others.
UK-based CCSL currently develops affordable carbon capture technology for utilisation and storage, as used by steel, cement, refining & petrochemicals and waste incineration plants. The investment will be used to deliver an existing pipeline of global projects to lower emissions from industry. CCSL will also invest in the development of “containerised" solutions to achieve $30 per tonne cost of carbon dioxide capture by 2021.
“This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible and expand our modularised CO2 capture technology to heavy industry," Aniruddha Sharma, co-founder and CEO of CCSL, said.
CCSL reduces cost of carbon capture from industrial emissions by more than half," Praveen Sahay, managing director at WAVE, said, adding this is the hardest 25% of GHG emission to control, and this affordable solution turns an economic liability into an asset.
“It has the potential to unlock hundreds of billions of markets for profitable at-source CO2 capture and beneficial reuse, and change the industry debate from an ethical and political imperative to a free-market driven financially rational decision," he added.
