Avnos raises $36M to conjure water and CO2 from the air
Avnos announced Tuesday morning it's raised a $36 million Series A for its "hybrid direct air capture" systems that collect water and heat-trapping carbon from the ambient air.
Why it matters: The startup says its dual-use tech is more efficient than conventional direct air capture systems.
Details: Energy giant NextEra Energy led the round, joined by Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management.
Of note: Avnos has previously raised funding from or inked agreements with Shell Ventures, ConocoPhilips, JetBlue Ventures, the Grantham Foundation, the U.S. Department of Energy and the U.S. Office of Naval Research.
How it works: The company's HDAC system combines a dehumidifier with a direct air capture system, pushing air through a series of filters that capture carbon dioxide, per Canary Media, which first reported on the raise.
- Avnos says it can capture about five tons of water for every one ton of carbon dioxide.
Of note: Unlike conventional DAC systems, which use heat to separate the carbon and oxygen molecules in captured CO2, Avnos' system uses some of the water that it collects from the ambient air.
- The LA-based startup says that this approach can reduce energy demand by more than 50%.
Between the lines: Avnos built a $3.2 million pilot plant in Bakersfield, California. It's venting the gas it captures there, because it doesn't have a place to store or transport it.
- The startup tells Axios that it's lined up partners to sequester carbon from its forthcoming sites.
What's next: The next Avnos HDAC plant is being funded by the U.S. Office of Naval Research, the company tells Axios. Avnos ultimately plans to license its tech.
- "We believe empowering more companies to be operators of DAC hardware will be our best shot at achieving gigaton scale of removal," it tells Axios in an email.