A consortium of global companies is investing $16 million (£12.3m) in total in Carbon Clean Solutions Limited (CCSL), a UK-based start-up specialising in carbon separation technology.
Chevron Technology Ventures, Marubeni Corporation and WAVE Equity Partners are providing the investment, which will be used to deliver an existing pipeline of global projects to lower emissions from industry.
The company will also use the financing to develop of “containerised” solutions to achieve $30 (£23)/tonne cost of CO2 capture by 2021.
Aniruddha Sharma, CEO of CCSL said: “This investment demonstrates the confidence our new investors have in our technology and its commercial scalability. We can now grow our company to a size that can help deliver projects to make a net zero emissions world possible and expand our modularised CO2 capture technology to heavy industry.
“Our investors are active participants in helping to develop and scale carbon capture utilisation and storage solutions. We look forward to collaborating closely with them to advance our technology and deliver real impact, on gigatonne or one billion tonne CO2 abatement scale.”
Praveen Sahay, Managing Director at WAVE added: “CCSL reduces the cost of carbon capture from industrial emissions by more than half. This is the hardest 25% of GHG emission to control and this affordable solution turns an economic liability into an asset.
“It has the potential to unlock hundreds of billions of markets for profitable at-source CO2 capture and beneficial reuse and change the industry debate from an ethical and political imperative to a free-market driven financially rational decision.”