- Largest ever funding round for a point source carbon capture company
- Carbon Clean set to scale breakthrough technology to cement position as the leading provider of carbon capture solutions for heavy industry
- Chevron leads Series C funding round, with participation from existing investors, CEMEX Ventures, Marubeni Corporation and WAVE Equity Partners, and new investors, AXA IM Alts, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy
Carbon Clean, a global leader in cost-effective carbon capture solutions, has closed the largest ever equity funding round for a point source carbon capture company, taking a major step towards its goal of delivering industrial decarbonisation on a gigatonne scale by the mid-2030s.
Carbon Clean has raised U.S. $150m from existing investor Chevron, who led the round, alongside CEMEX Ventures, Marubeni Corporation and WAVE Equity Partners and new investors, AXA IM Alts, Samsung Ventures, Saudi Aramco Energy Ventures and TC Energy. To date, Carbon Clean has raised $195m, having closed its $30m Series B investment round in August 2021.
The funding announced today will support Carbon Clean’s goal of becoming the world’s leading provider of carbon capture solutions for heavy industry, which accounts for around 30 per cent of global emissions. To achieve this, Carbon Clean will work in collaboration with industrial partners and governments to manufacture and ship hundreds of standardised, fully modular carbon capture units to industrial facilities every year.
Aniruddha Sharma, Chair and CEO of Carbon Clean, said:
"Carbon Clean's vision is to deliver global industrial decarbonisation on a gigatonne scale, and we are now on track to do this by the mid-2030s. We are at the forefront of sector innovation, delivering products that can genuinely change the world. Today’s funding round is testament to the confidence of industry and global investors in our technology and its importance to reach net zero goals.
“Making carbon capture technology accessible for hard-to-abate sectors is a huge opportunity. We will use this new funding to scale production of our breakthrough fully modular technology which will overcome the biggest challenges facing widespread adoption of CCUS – cost and scale.”
In the past 12 months, Carbon Clean has achieved several significant milestones. The business reached the landmark of 1.5 million tonnes of carbon captured, launched CycloneCC – the world’s smallest industrial carbon capture technology, and signed partnerships with global industrial players like Veolia, CEMEX and Chevron, as well as with one of the most mature carbon capture and storage and hydrogen projects in the UK, the Acorn Project.
Carbon Clean's latest technology, CycloneCC, launched in October 2021, can be a game changer for hard-to-abate sectors like steel, cement, energy from waste, refineries and upstream/midstream oil and gas. CycloneCC has a footprint ten times smaller than conventional carbon capture, making it easily deployable in less than eight weeks. The solution has the potential to reduce CapEx and OpEx by up to 50 per cent and drive down the cost of carbon capture to $30/tonne on average, which would make the economic case for CCUS undeniable.
As part of the new investment made during this round, Carbon Clean and Chevron are seeking to develop a technology demonstration pilot that will test CycloneCC at one of Chevron’s co-generation plants in San Joaquin Valley, California.
Chris Powers, Vice President, CCUS for Chevron New Energies said:
"Chevron is proud to lead Carbon Clean’s record Series C funding round, and we look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions. We have a long history of supporting the development and commercialisation of breakthrough technologies, and we’re especially excited about the potential for CycloneCC to revolutionise the industrial carbon capture sector.”
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Notes to editors
1. Jefferies acted as exclusive financial adviser to Carbon Clean in relation to the funding round.
2. The carbon capture sector is fast developing, with various different technologies emerging. A ‘point source’ carbon capture company refers to a business focused on preventing CO from entering the atmosphere by capturing and filtering it out at the source of emissions – directly from a cement kiln or from the flue gases in a refinery chimney stack, for example.
Point source carbon capture differs from ‘direct air capture’ and ‘nature-based carbon removal’ solutions. Carbon Clean’s Series C round is a record size for any business operating in the point source carbon capture space.
3. The IPCC Working Group III report confirms an important role for carbon capture and storage in order to limit global warming, with a ‘considerable amount’ of CCS being used in the ‘majority’ of below-2°C scenarios. It states that: ‘Currently, global rates of CCS deployment are far below those in modelled pathways limiting global warming to 1.5°C or 2°C. Enabling conditions such as policy instruments, greater public support and technological innovation could reduce these barriers.’
About Carbon Clean
Carbon Clean is a global leader in carbon capture solutions for hard-to-abate industries such as cement, steel, refineries and energy from waste. The company’s patented technology significantly reduces the costs of carbon capture when compared to conventional solutions.
The company is leading innovation in the CCUS market and has developed a fully modular technology – CycloneCC – that is set to disrupt the sector. The company’s solutions will help deliver the necessary scaling up of carbon capture to achieve global net zero targets. The technology has been proven at scale in over 44 sites around the world, including plants in the UK, U.S., Japan, Germany, India, Norway and the Netherlands. It has delivered the world’s largest industrial-scale carbon capture and utilisation plant for Tuticorin Alkali Chemicals & Fertilizers Ltd, India.
The UK-based company has received funding and grant support from the British and U.S. governments and has established partnerships with industry leaders including CEMEX and Veolia. It is also an investor in the Swedish eMethanol shipping fuel company, Liquid Wind.
Carbon Clean is a 2022 BNEF Pioneer winner, has been a Global Cleantech 100 company three times, most recently in 2022, features in the inaugural PwC Net Zero Future50 and was chosen as one of CEMEX Ventures Top50 ConTech Startups.
For information about Carbon Clean: www.carbonclean.com