A CO2 removal specialist has captured the attention of three big companies to secure major investment for its technology.
C-Capture revealed today it has raised £3.5m ($4.5m) in new equity funding in a round led by BP Ventures, Drax and IP Group.
The UK firm said the funding boost will be used to develop its technology, support larger pilot projects in other industries and increase marketing efforts globally.
C-Capture is currently conducting a demonstration project at Drax Power Station in North Yorkshire, which will remove carbon dioxide from emissions produced by generating electricity from sustainable biomass.
The project, which is the first-of-its-kind in Europe, is highly significant because it has the capacity to produce negative emissions, whereby carbon dioxide is removed from the atmosphere and stored.
“The innovative technology C-Capture has developed and is piloting at Drax Power Station is putting the UK on the map when it comes to carbon capture and global efforts to tackle climate change.”
Will Gardiner, CEO of Drax Group
C-Capture Chairman Tristan Fischer said, “We’re delighted that Drax, IP Group and now BP have all seen that our unique technology has the potential to be applied at scale around the world as part of the global drive to tackle climate change.”
“We’re all very excited about the pilot project with Drax, and also that this new funding will help to develop our technology for use across a range of industries.”
“We are looking carefully at the broader market for our carbon capture technology, which includes not just power generation but also the production of cement, steel and aluminium, as well as biogas, across a range of territories including India and China.”
According to C-Capture, its technology uses new proprietary solvents to remove carbon dioxide, offering a safer and less expensive alternative to current technologies based on the use of amines.
It provides a means to make the removal of carbon dioxide “significantly more economic from a range of large-scale processes”.
C-Capture, based in Leeds, was formed in 2009 as a spin-out from Leeds University with funding from IP Group. It has raised more than £2.2m ($2.9m) from the UK government and £1.7m ($2.2m) from IP Group so far to develop its technology.
Will Gardiner, CEO of Drax Group, said, “At Drax we are focused on enabling a zero-carbon, lower-cost energy future, and want to take advantage of the environmental and business opportunities created by a growing net zero carbon economy.”
“The innovative technology C-Capture has developed and is piloting at Drax Power Station is putting the UK on the map when it comes to carbon capture and global efforts to tackle climate change. This investment gives us a long-term commercial agreement to work together with them.”
“We’re confident that our bioenergy carbon capture and storage (BECCS) pilot project will be successful, and if we scale it up, it could enable Drax to become the world’s first negative emissions power station. This significant milestone means the power we produce would help to reduce the carbon dioxide accumulating in the atmosphere.”
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