Carbon Clean Solutions attracts $16 million growth capital from a consortium of global investors
Carbon Clean Solutions Limited (CCSL), a leader in low-cost carbon dioxide (CO2) capture & separation technology, is pleased to announce the completion of an equity investment of $16 million from three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation.
The investment will be used to deliver an existing pipeline of global projects to lower emissions from industry. CCSL will also invest in the development of “containerised” solutions to achieve $30/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.”
UK-headquartered CCSL is at the forefront of developing affordable carbon capture technology for utilisation and storage, as used by steel, cement, refining & petrochemicals and waste incineration plants. Having showcased the technology at the world’s largest commercially funded industrial-scale carbon capture and utilisation plant in Tuticorin, India, CCSL plans to further expand its customer base.
“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, one gigatonne or 1 billion tonne CO2 abatement scale” Sharma said.
“CCSL can reduce 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. WAVE is truly excited to be working with the bright and innovative team of CCSL,” said Praveen Sahay, Managing Director at WAVE.
“Chevron is committed to producing affordable, reliable, and ever-cleaner energy. We invest in breakthrough technologies that both lower emissions in oil and gas and are integral to low carbon value chains. Our investment in Carbon Clean Solutions aims to help commercialise and scale carbon capture utilisation and storage technologies, a key part of delivering on our commitment,” said Barbara Burger, President of Chevron Technology Ventures.
“With CCSL’s innovative and cost-competitive technology, we are very keen to jointly develop Carbon Capture Utilisation and Storage business across the world by leveraging our global networks deeply rooted in various industries. We strongly believe that this breakthrough technology enables us to realise circular economy, maximising the value of CO2 as the resources.” said Eiji Okada, Chief Operating Officer of Plant Division of Marubeni Corporation.
Affordable CCS technology has a critical role to play in the transition to a low-carbon energy future. It is one of a host of technologies that will be required to tackle climate change. CCSL believes that renewables alone will not be enough if the world is to reach net zero emissions targets whilst also meeting the energy needs of a fast-growing global population still largely reliant on fossil fuels.