US-based CarbonCapture raises $80 mln from Saudi Aramco, others
"This is exactly what has to happen - this alignment with large industrial partners who have the capacity, the access to capital, the skills to actually scale DAC to a meaningful level," -CarbonCapture CEO Adrian Corless
WASHINGTON, March 12 (Reuters) - Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, said it had raised $80 million from investors that include Saudi oil giant Saudi Aramco.
The money raised in CarbonCapture's latest major funding round represents one of the largest injections of private capital into direct air capture (DAC) – a technology that has yet to be proven at scale - over the last five years, according industry tracker PitchBook.
"This is exactly what has to happen - this alignment with large industrial partners who have the capacity, the access to capital, the skills to actually scale DAC to a meaningful level," CarbonCapture CEO Adrian Corless said in an interview with Reuters.
The Series A fundraising was led by Prime Movers Lab and also included Amazon's Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff's TIME Ventures, the company said.
CarbonCapture builds modular machines that contain material that absorbs carbon dioxide when cooled and releases it when heated. That allows it to capture the climate-warming gas for sto( article continues at Reuters )