The carbon capture specialist on Wednesday announced industry veteran Paul Nahi as its new CEO to help drive the company on its mission to commercialise and scale its innovative decarbonisation technology.
Having held C-suite rolls at companies such as energy firm Enphase and construction technology specialists Solidspac3, Nahi is no stranger to the cleantech market and will bring a wealth of experience to the Global Thermostat team.
On the appointment, Edgar Bronfman, Chairman of Global Thermostat, said, “We’re delighted that Paul Nahi has joined us in our fight to reverse global climate change.”
“As this latest funding round makes clear, our investors believe in our new management team, our world class engineers, and Global Thermostat’s ability to unlock the potential of our unique, multi-patented direct air capture technology.”
Nahi added, “I’ve successfully scaled game-changing technology companies before and believe Global Thermostat’s solution is uniquely capable of meeting the climate imperative at a truly global level.”
“I am excited to work with the team and our partners to make the company a leader in the circular carbon economy, and an instrumental part of the solution to keeping the global temperature increase to 1.5°C.”
As well as securing itself a new CEO, Global Thermostat’s equity financing is also a major boost for the company as it looks towards its future goals. The funding round was first announced in January (2022) to help support company growth.
To help further drive such growth plans, gasworld understands that Global Thermostat has also nearly doubled its technology and product development team in the last six months and expanded its technology centre in Colorado.
These efforts come less than a one-month on since President Joe Biden signed the Inflation Reduction Act into law, a piece of legislation that more than triples the tax credit for capture and sequestering carbon dioxide.
On top of the Inflation Reduction Act, other recently announced government initiatives are also supporting direct air capture through $3.5bn to fund four regional direct air capture hubs, and $1 billion for research and development of carbon removal.