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 Aramco Ventures Invests in CarbonCapture

Image Courtesy: Carbon Capture

Aramco Ventures Invests in CarbonCapture

CarbonCapture Inc, a leading US-based direct air capture (DAC) company, today announced the successful completion of its $80 million Series A financing following the addition of multiple strategic investors including Amazon’s Climate Pledge Fund, Aramco Ventures, and Siemens Financial Services.

The financing was led by Prime Movers Lab, a leading investor in breakthrough scientific start-ups, with participation from Idealab X, Marc Benioff’s TIME Ventures, Neotribe Ventures, Alumni Ventures, and several other venture investors. The funds raised will be used to further technology development and to field early installations of CarbonCapture’s modular DAC systems.

Adrian Corless, CEO of CarbonCapture Inc., said that to realise our ambitious mission to decarbonise the atmosphere, it’s imperative that we marshal the capabilities of the global industrial community.

“I am 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,” he said.

He also thanked CrabonCapture INC’s existing investors for their continued belief and support. Together, we are stepping closer to a cleaner, healthier planet for future generations, he added.

CarbonCapture develops, manufactures, and deploys highly scalable solid sorbent DAC systems based on its patented modular open systems architecture.

To date, the company 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.

Zia Huque, Prime Movers Lab General Partner and CarbonCapture Board Member, said that CarbonCapture has made substantial technical and commercial progress since their initial investment in the company, signing offtake agreements with some of the world’s largest brands. “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,” he added.

Dr. Adiari Vazquez, Investment Partner at Amazon’s Climate Pledge Fund, said that tackling the climate crisis will require drastically reducing emissions, while also removing carbon already in the atmosphere.

“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,” he added.

Steffen Grosse, CEO of Equity Finance at Siemens Financial Services, said that they have taken a leading role commercialising direct air capture in the US.

“Our company is already a strategic investor in negative emissions technologies that are poised to help address climate change, and they will expertise and portfolio of digital process simulation, automation, and control solutions to support CarbonCapture in their ambitious plans to deploy DAC systems at scale.

Global Business Magazine

Global Business Magazine

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