Carbon Clean Solutions (CCS), the Mumbai company that is commercialising CO2 capture technology, was awarded today as one of the World Economic Forum’s “technology pioneers”, a selection of the world’s most innovative companies.

Carbon Clean Solutions was founded in 2009 by Aniruddha Sharma and Prateek Bumb, two graduates from the Indian Institute of Technology - in Kharagpur. Their breakthrough technology captures CO2 from large-scale polluters for reuse and conversion to industrial chemicals.

The World Economic Forum Technology Pioneers program recognises companies from around the globe that have demonstrated the ability to harness innovation and creativity to develop transformative solutions that hold the potential to have a lasting impact on society.

The Technology Pioneers were selected from among hundreds of applicants by a selection committee of 68 academics, entrepreneurs, venture capitalists and corporate executives. The committee based its decisions on criteria including innovation, potential impact, working prototype, viability and leadership. Past recipients include Google (2001), Wikimedia (2007), Mozilla (2007), Kickstarter (2011), Twitter (2010) and Dropbox (2011).

CCS was the only Indian company among the 49 globally to be selected for this prestigious honour. Thanks to its selection, it will have access to the most influential and sought-after business and political network in the world, and be invited to the World Economic Forum’s ‘Summer Davos’ in Dalian, China, this September, or the Annual Meeting in Davos in January.

“We’re glad to see an Indian company make it to the selection,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum.

“Carbon Clean Solutions is part of a group of entrepreneurs who are more aware of the crucial challenges of the world around them, and who are determined to do their part to solve those challenges with their company.”

“Congratulations to Carbon Clean Solutions on representing India by becoming a World Economic Forum Technology Pioneer. This prestigious award underlines how our entrepreneurs can build technologies which resonate with Prime Minister Modi’s vision of making India a global leader in fighting climate change. Carbon capture and storage is a critical clean technology and we are working on adopting ways to develop projects” said Shri Prakash Javadekar, Minister of State (IC) for Environment, Forest & Climate Change.

CCS’s patented solvents extract CO2 and other unwanted gases from flue gas streams, replacing conventional amines used in acid gas removal. The company has also developed and patented its own CO2 capture process, which dramatically reduces the cost of building CO2 capture facilities for power stations and other industrial processes. These technologies reduce the cost of carbon capture by up to 50%, making it economic for industrial and power plants to re-use waste CO2 to produce economically viable products. CCS has successfully tested its products in Europe and the US, and is currently working on several potential projects in India.