Five global companies have invested $22m in Carbon Clean Solutions Limited (CCSL), a specialist in low-cost CO2 capture and separation technology.

Equinor Ventures (EV) and ICOS Capital join WAVE Equity Partners, Chevron Technology Ventures and Marubeni Corporation, who together injected $16m into the round in February.

UK-headquartered CCSL said the funds will be used to grow its team and deliver its proven CO2 capture technology for carbon capture, utilisation and storage (CCUS) projects across the steel, cement, waste management and refining & petrochemicals sectors.

CCSL will also continue to invest in the production of its “containerised” solution to achieve $30/tonne cost of CO2 capture not including carbon credits by 2021.

Consequently, large emitters could potentially offset the cost of carbon capture with their carbon tax from as early as next year.

Aniruddha Sharma, CEO of CCSL, said, “As the world tries to recover from an unprecedented pandemic, achieving net zero ambitions remains a top priority for a green recovery.”

“This investment demonstrates the need felt by major industrial companies for break-through technology in the carbon capture space.”

“We look forward to working with our investors and partners to support a number of CCUS projects in the coming months to limit the climate impact of the use of fossil fuels.”

Having showcased its technology at the world’s largest commercially funded industrial-scale carbon capture and utilisation plant in Tuticorin, India, CCSL plans to further expand its customer base to accelerate the cost-effective decarbonisation of industry.

“While renewable energy is growing exponentially, decarbonising heavy industry will be equally or more challenging. That is exactly where our innovative and modularised technology will play a fundamental role,” Sharma said.