Carbon capture firm nabs $30M in VC funds
A carbon capture and storage (CCS) startup billing itself as the industry's first "vertically integrated super developer" has raised $30 million in Series A funding.
Driving the news: Carbon America this morning announced the funding from investors including Canada Pension Plan Investment Board, ArcTern Ventures, Energy Impact Partners and others.
Why it matters: CO2 capture theoretically could become an important tool against global warming, but commercial deployment has proceeded far more slowly than advocates have hoped.
How it works: The Colorado-based company, founded in 2019, bills itself as a "one-stop solution," providing engineering and tech, development, financing, permitting, navigation of incentives, sequestration site management and more.
What we don't know: Specifics. The company declined to name projects or clients it is working with but told Axios its "target customers" are in the ethanol, steel, cement and power industries.
- The first projects will be in the ethanol sector, with the first expected to be in operation in 2023, the company said.
What they're saying: Energy Impact Partners founder Hans Kobler, in a statement, said that while CCS has been around a long time, "what’s been missing is the ability to finance, build and operate carbon capture projects, at scale, in an efficient, cost effective way."
Go deeper: World's largest direct-air carbon capture plant launches in Iceland