C-Capture – a spin-out company from the Chemistry Department at the University of Leeds – said it has raised £3.5 million in a funding round led by the three firms.
It will use the cash to further develop its technology – which removes carbon dioxide emissions from power stations and cement, steel and aluminium facilities – and support larger pilot projects.
The company is currently conducting a demonstration project at Drax Power Station in North Yorkshire, which will remove emissions produced by generating electricity from biomass.
Tristan Fischer, Chairman of C-Capture, said: “We’re delighted that Drax, IP Group and now BP have all seen that our unique technology has the potential to be applied at scale around the world as part of the global drive to tackle climate change.
“We’re all very excited about the pilot project with Drax and also that this new funding will help to develop our technology for use across a range of industries. We are looking carefully at the broader market for our carbon capture technology, which includes not just power generation but also the production of cement, steel and aluminium, as well as biogas, across a range of territories including India and China.”