Los Angeles-based direct air capture (DAC) company CarbonCapture Inc., has completed its $80 million Series A financing, securing investments from companies such as Aramco Ventures, the global venture capital arm of Saudi Arabian Oil Co. (Aramco).
Investors in the round also included Amazon's Climate Pledge Fund and Siemens Financial Services. The financing was led by Prime Movers Lab, a leading investor in breakthrough scientific startups, with participation from Idealab X, Marc Benioff's TIME Ventures, Neotribe Ventures, Alumni Ventures, and several other venture investors.
The funds will be used to further technology development and to field early installations of CarbonCapture's modular DAC systems, the company said in a news release Tuesday.
"To realize our ambitious mission to decarbonize the atmosphere, it's imperative that we marshal the capabilities of the global industrial community", CarbonCapture CEO Adrian Corless said. "That's why I'm so excited to welcome our new strategic investors—the unparalleled logistics and supply chain prowess of Amazon, the world-class capabilities of Aramco Ventures, and the digital transformation and energy transition expertise of Siemens will be pivotal to helping us scale DAC in the coming years. We also want to thank our existing investors for their continued belief and support. Together, we're stepping closer to a cleaner, healthier planet for future generations”.
"CarbonCapture has made substantial technical and commercial progress since our initial investment in the company, signing offtake agreements with some of the world's largest brands”, Zia Huque, Prime Movers Lab General Partner and CarbonCapture board member, said. “Prime Movers Lab has done due diligence on numerous carbon capture companies, and we believe Adrian and his team are the ones who will decarbonize our atmosphere at scale and emerge as one of the most important breakthrough science companies”.
"Tackling the climate crisis will require drastically reducing emissions, while also removing carbon already in the atmosphere”, Adiari Vazquez, Investment Partner at Amazon's Climate Pledge Fund, said. “Effective, verifiable, and durable carbon removal, such as that achieved through CarbonCapture Inc.'s DAC system will be crucial for a net-zero carbon future. This investment complements Amazon's existing carbon-reduction efforts including investments in electric vehicles, renewable energy, hydrogen, and ecosystem restoration. We are excited to support the growth of CarbonCapture Inc., an innovative company advancing the scalability and accessibility of carbon removal”.
"Siemens Financial Services is proud to collaborate with CarbonCapture Inc. as they take a leading role commercializing direct air capture in the US," Steffen Grosse, CEO of Equity Finance, Siemens Financial Services, said. "Already a strategic investor in negative emissions technologies that are poised to help address climate change, we're excited to offer our expertise and portfolio of digital process simulation, automation, and control solutions to support CarbonCapture in their ambitious plans to deploy DAC systems at scale”.
CarbonCapture develops, manufactures, and deploys highly scalable solid sorbent DAC systems based on its patented modular open systems architecture. CarbonCapture develops and deploys DAC machines that can be connected in large arrays to remove massive amounts of carbon dioxide from the atmosphere. With a patented modular open systems architecture, the company's DAC systems allow for plug-and-play upgrades, mass production, unlimited scalability, and rapid technology iterations.
The company said it has pre-sold over $26 million in carbon removal credits to many of the world's leading companies, including Microsoft, Boston Consulting Group, Alphabet, Meta, Stripe, Shopify, McKinsey & Company, and JPMorgan Chase & Co.
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