CarbonCapture, a startup developing carbon-capturing technology in the Arts District, has closed an $80 million series A round.
The fundraising round, which was announced on March 12, was led by Prime Movers Lab. That figure included an investment Amazon made from its $2 billion Climate Pledge Fund last year. Other investors included Idealab X, TIME Ventures and Alumni Ventures.
According to the investment data platform Pitchbook, CarbonCapture’s round represents one of the largest private capital raises for a direct air-capture company.
“To realize our ambitious mission to decarbonize the atmosphere, it’s imperative that we marshal the capabilities of the global industrial community,” said Adrian Corless, the chief executive of CarbonCapture. “That’s why I’m so excited to welcome our new strategic investors – the unparalleled logistics and supply chain prowess of Amazon, the world-class capabilities of Aramco Ventures, and the digital transformation and energy transition expertise of Siemens will be pivotal to helping us scale DAC in the coming years.”
Born out of the Pasadena-based incubator Idealab in 2019, CarbonCapture has developed a modular system for sequestering carbon dioxide through 40-foot rectangular machines emulating vented shipping containers. The greenhouse gases absorbed by these containers would then be funneled into underground wells or used to make industrial products.
To date, CarbonCapture has pre-sold $26 million in carbon-removal credits, even though its modular system hasn’t been tested at scale. Credit buyers include Microsoft, Alphabet, Meta and Boston Consulting Group.
Additionally, in its deal with Amazon, CarbonCapture will distribute 100,000 tons of carbon-removal credits to the retail giant’s distribution and retail partners.
Last August, the Department of Energy awarded CarbonCapture a $12.5 million grant to begin the groundwork for a 200,000-metric-ton facility in Wyoming. Dubbed Project Bison, the…
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