Carbon Engineering Ltd., a Canadian clean energy company, has announced the completion of an equity financing round of $68m, marking the largest private investment made into a Direct Air Capture (DAC) company to date.
The $68m financing will allow Carbon Engineering to commercialise and enter mainstream markets with its fully demonstrated DAC technology that is able to capture and purify atmospheric carbon dioxide (CO2) for under $100 per tonne.
“This financing round – the largest of its kind into a DAC company – shows the growing recognition of both the benefits and commercial readiness of our DAC technology,” said Steve Oldham, CEO of Carbon Engineering.
“As the world assesses how to address climate change while keeping economies running with the energy they need, our technology can provide a key part of the solution.”
“Carbon Engineering’s DAC technology can be deployed to help companies and nations alike meet their climate change commitments and achieve significant emissions reductions, whilst at the same time creating opportunities for jobs, economic growth and investment.”
“Our DAC technology has been proven based on extensive testing in our pilot facility, and we’re ready to scale up using existing commercial equipment to deploy reliable and cost-effective facilities. DAC is a viable tool for reducing emissions while continuing to provide affordable energy,” said Oldham
The $68m investment will allow Carbon Engineering to bridge the gap from the pilot demonstration of the company’s DAC and AIR TO FUELS™ technologies to mainstream market deployment.
The funding enables expansion of Carbon Engineering’s pilot plant in Squamish, British Columbia, and the engineering of the first commercial facilities. These industrial-scale DAC facilities can capture up to one million tonnes of CO2 from the air each year.
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