Delivering industrial decarbonisation on a gigatonne scale
Today, Carbon Clean is announcing the largest ever funding round for a carbon capture at source business.
When Prateek and I founded the business 13 years ago, we had a vision to deliver industrial decarbonisation on a gigatonne scale. Today, we are on track to achieve this vision by the mid-2030s.
Heavy industry accounts for around 30% of global emissions. To decarbonise on a gigatonne scale, the carbon capture, utilisation and storage (CCUS) sector must transform like solar did between 2010 and 2020:a +1,663% scale up in deployment. It will require a comparable decrease in costs and continuous innovation, delivered through a strategy based on three principles:
Current IEA projections highlight that CCUS capacity deployment must be 50% higher than currently predicted trajectories if the world is to reach net zero by 2050. To achieve this, we will need ten CCUS companies the size of BP. Carbon Clean intends to be one of them and the record Series C funding that we’re announcing today helps us deliver on our ambition.
This is a huge global opportunity. A booming CCUS industry will not only mitigate climate change but also generate new, high-skilled jobs while also protecting existing jobs in key industries, such as steel and cement, that communities across the globe are rightfully proud of, and depend on. We expect to quadruple our own headcount by 2025 and will be working with partners to find and train a new generation of CCUS experts.
Scale is the biggest challenge facing any emerging clean technology business. Carbon capture technology is available today, but there’s still work to be done to ramp up industrial adoption. We will be investing Series C funding in scaling our revolutionary, fully modular CycloneCC technology and rapidly building capacity to meet escalating demand. In the medium-long term, Carbon Clean is aiming to become the world’s leading provider of CCUS solutions for hard-to-abate industries, capable of delivering hundreds of our standardised CycloneCC carbon capture units each year.
COP21 in Paris laid out a necessarily ambitious set of climate targets. What we rightly saw at COP26 last year was an intense focus on delivery on these targets. We have shifted from the what to the how. Carbon Clean is already developing partnerships to achieve the scale of impact we need.
In March, we announced a significant extension to our work with Chevron: a proposed technology demonstration pilot that will test CycloneCC at Chevron’s co-generation plant in San Joaquin Valley, California. While it’s in the early stages of development, this first-of-its-kind technology pilot will be important to understand how carbon capture technology can be used at Chevron’s facilities and across multiple industries.
In the UK, Carbon Clean is working with a government-backed private sector consortium to deliver an industrial-scale carbon capture and storage project to one of the UK’s leading CCS and hydrogen projects, the Acorn Project in Scotland.
Our Series C funding partners feature some new and familiar faces, all of whom will play a vital role in helping us realise our vision. We will work together to deliver industrial decarbonisation on a gigatonne scale.