With the Series C round led by oil giant Chevron, Carbon Clean closed the largest ever equity funding round for a point source carbon capture company.
Having raised $195m to date, the company aims to become the world’s leading provider of carbon capture solutions for heavy industry, which accounts for 30% of global emissions.
Commenting on the funding round, Aniruddha Sharma, Chair, CEO, Carbon Clean, said, “We are at the forefront of sector innovation, delivering products that can genuinely change the world.”
“Today’s funding round is testament to the confidence of industry and global investors in our technology and its importance to reach net zero goals.”
With hard-to-abate sectors of industry such as cement and steel responsible for a disproportionately high percentage of global CO2 emissions, the new funding could help scale production of Carbon Clean’s modular carbon capture technology, CycloneCC.
The business has recently achieved 1.5m tonnes of carbon captured over the past 12 months, in addition to launching its compact CycloneCC technology, which has a footprint ten times smaller than conventional carbon capture.
Following the investment, Carbon Clean and Chevron plan to develop a demonstration pilot that will test CycloneCC at one of Chevron’s co-generation plants in San Joaquin Valley, California.