November 28, 2021
  • November 28, 2021
  • Home
  • Gross Output
  • Carbon Capture Inc. Closes $ 35 Million Series A Funding From Prime Movers Lab, Rio Tinto, Idealab Studio and Time Ventures | Your money

Carbon Capture Inc. Closes $ 35 Million Series A Funding From Prime Movers Lab, Rio Tinto, Idealab Studio and Time Ventures | Your money

By on October 19, 2021 0

PASADENA, Calif .– (BUSINESS WIRE) – October 19, 2021–

Carbon Capture Inc. (CarbonCapture), a climate technology company that makes machines that remove CO 2 directly from the atmosphere, today announced the closing of a $ 35 million Series A funding round and the appointment of Adrian Corless as CEO. CarbonCapture will use the funds to accelerate product development efforts and to establish initial deployments of its renewable energy-powered Direct Air Capture (DAC) systems across the United States, starting with the Tamarack Nickel project in central Minnesota in partnership with Rio Tinto PLC (LSE: RIO) and Talon Metals Corp. (TSX: TLO).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211019005529/en/

Adrian Corless, CEO of Carbon Capture Inc. Photo by: James Manning

Analyzes by the UN Intergovernmental Panel on Climate Change show that humanity must remove billions of tonnes of CO 2 from the atmosphere in order to keep global warming below 2 ° C. To meet this urgent need, CarbonCapture has developed a set of technical innovations that allow, for the first time, the use of zeolites to capture CO 2 as part of a commercial DAC system. A class of molecular sieves, zeolites are inorganic, inexpensive, durable and non-toxic. In addition, they are already manufactured in very large quantities for multiple industrial applications, removing a major obstacle to economically scaling DAC to gigaton levels.

“I am incredibly excited about the opportunity to lead CarbonCapture,” said CEO Adrian Corless. “This funding, combined with our processing technology, world-class team and leading business partners, provides us with all the ingredients to quickly become the leading DAC company in the United States.” Corless was previously CEO of Canadian company DAC. Carbon Engineering, where he successfully piloted the company’s technology and made the company a recognized leader in atmospheric carbon capture and the production of synthetic fuels.

Prime Movers Lab led the Series A investment. International mining and metals firm Rio Tinto, Idealab Studio, Idealab X, TIME Ventures by Marc Benioff and several other venture capital firms and family offices also participated. all around. Equity funding raised by CarbonCapture since its inception now stands at more than $ 43 million.

“By 2050, CAD companies will capture more than 5 to 10 gigatonnes of CO 2 from the atmosphere each year. We are honored to be part of the very early stages of a new $ 500 billion industry, ”said Brandon Simmons, General Partner of Prime Movers Lab. “We have identified Carbon Capture Inc. as having the winning technology and team on the ground, and we are delighted to partner with Adrian Corless and Bill Gross and provide the capital necessary to scale this critical business forward. “

“Removing carbon from our atmosphere is one of the most effective and important ways to fight climate change,” said Marc Benioff. “Carbon Capture Inc. represents the spirit of innovation we need to solve our climate crisis, harnessing next-generation technologies to remove carbon from the atmosphere and avoid the worst effects of climate change. “

In addition to being designed to use renewable energy sources including solar and geothermal energy, a unique aspect of CarbonCapture’s DAC machines is that they are highly adjustable. For example, for every ton of CO 2 captured in the air, they can be set to also capture between 1 and 5 tons of pure water, which is especially valuable in arid or drought-affected regions. Additionally, the purity of CO 2 production can be lowered to align with storage strategies that do not require food grade purity, such as injection into building materials, tailings or formations. geological structures that mineralize CO 2.

CarbonCapture partners with companies that are developing cutting-edge approaches to store carbon in mineral form through natural chemical reactions. The company’s first deployments will be with Rio Tinto and Talon Metals, with feasibility studies starting in Q4 2021 on the Tamarack Nickel project in central Minnesota.

“Our investment in CarbonCapture demonstrates Rio Tinto’s commitment to supporting innovative technologies that can make a significant contribution to addressing the challenge of climate change,” said Nigel Steward, Chief Scientist at Rio Tinto. “We look forward to working with CarbonCapture to explore the potential for permanent CO 2 mineralization and storage at Rio Tinto’s sites, which may also offer new business opportunities. “

CarbonCapture was created at Idealab Studio, the leading tech incubator founded by serial entrepreneur Bill Gross. Other pioneering companies founded by Bill Gross that aim to make a major impact on global sustainability include Heliogen, an AI-enabled concentrated solar power supplier, and Energy Vault, a global energy storage provider. network scale by gravity.

“I have made my life’s work the goal of fighting climate change by creating technology that will rapidly decarbonize the planet,” said Bill Gross, founder of Idealab Studio and co-founder of CarbonCapture. “Heliogen is replacing fossil fuels with carbon-free solar power, Energy Vault is deploying cost-effective and sustainable renewable energy storage technology, and now CarbonCapture is cleaning the atmosphere by removing massive amounts of CO 2. I have no doubts that , with Adrian at the helm and with the support of our investors, CarbonCapture will follow in Heliogen and Energy Vault’s footsteps as it moves towards the large-scale deployment of its technology.

About Carbon Capture Inc. (CarbonCapture)

CarbonCapture is a climate technology company that manufactures renewable energy modular direct air capture (DAC) machines that can be plugged into large networks to remove massive amounts of CO 2 from the atmosphere. The revolutionary innovations developed by CarbonCapture allow, for the first time, the use of zeolites to capture CO 2 as part of a commercial DAC system, thus removing a major obstacle to the economic scale of DAC to gigaton levels.

CarbonCapture focuses exclusively on negative emission applications; it does not use its technology to reduce stack emissions or to support the production of fossil fuels. The company is based in the United States, where it builds its team, develops its technology, manufactures its systems and works with its storage partners. CarbonCapture customers are organizations that seek the gold standard for carbon offsets: CO 2 captured directly from the atmosphere and permanently locked away.

For more information on CarbonCapture, please visit carboncapture.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211019005529/en/

Josh Garrett for [email protected]

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: ENVIRONMENT TECHNOLOGY FINANCE VENTURE CAPITAL OTHER TECHNOLOGIES PROFESSIONAL SERVICES MINING / MINERALS MATERIAL NATURAL RESOURCES

SOURCE: Carbon Capture Inc.

Copyright Business Wire 2021.

PUB: 10/19/2021 6:00 a.m. / DISC: 10/19/2021 6:02 a.m.

http://www.businesswire.com/news/home/20211019005529/en