A consortium of companies are investing $16m in UK CO2 separation technology innovator Carbon Clean Solutions Limited (CCSL).

WAVE Equity Partners, Chevron Technology Ventures and Marubeni Corporation’s investment will be used to deliver an existing pipeline of global projects to lower emissions from industry.

CCSL said it will also invest in the development of “containerised” solutions to achieve $30/tonne cost of CO2 capture by 2021.

The UK-headquartered company is at the forefront of developing affordable carbon capture technology for utilisation and storage, as used by steel, cement, refining and petrochemicals and waste incineration plants.

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Having showcased the 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.

Aniruddha Sharma, CEO of CCSL, said, “This investment demonstrates the confidence our new investors have in our technology and its commercial scalability.”

“We can now grow our company to a size that can help deliver projects to make a ‘net zero’ emissions world possible and expand our modularised CO2 capture technology to heavy industry.”

“Our investors are active participants in helping to develop and scale carbon capture utilisation and storage solutions.”

“We look forward to collaborating closely with them to advance our technology and deliver real impact, on gigatonne or 1 billion tonne CO2 abatement scale.”

Commenting on the investment, Praveen Sahay, Managing Director at WAVE, said, “CCSL reduces the cost of carbon capture from industrial emissions by more than half.

“This is the hardest 25% of GHG emission to control, and this affordable solution turns an economic liability into an asset.

It has the potential to unlock hundreds of billions of markets for profitable at-source CO2 capture and beneficial reuse, and change the industry debate from an ethical and political imperative to a free-market driven financially rational decision.

Barbara Burger, President of Chevron Technology Ventures, added, “Chevron is committed to producing affordable, reliable, and ever-cleaner energy.”

“We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains.”

Our investment in Carbon Clean Solutions aims to help commercialise and scale carbon capture utilisation and storage technologies, a key part of delivering on our commitment.”