Monday 17 February 2020

Carbon Clean Solutions raises $16m for tech to lower industry emissions

Carbon Clean Solutions raises $16m for tech to lower industry emissions

UK-based start-up Carbon Clean Solutions Limited (CCSL) has raised $16 million (£12.3m) in equity funding from a consortium of global investors to deliver an existing pipeline of projects to lower emissions from industry.

Chevron Technology Ventures, Marubeni Corporation and WAVE Equity Partners are providing the financing to CCSL, which is developing affordable carbon capture technology for utilisation and storage, as used by steel, cement, refining and petrochemicals and waste incineration plants.

CCSL will also invest in the development of “containerised” solutions to achieve $30 (£23)/tonne cost of CO2 capture by 2022.

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.”

Eiji Okada, Chief Operating Officer of Plant Division of Marubeni Corporation added: “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.”

Barbara Burger, President of Chevron Technology Ventures said the company’s investment aims to help commercialise and scale carbon capture, utilisation and storage technologies.

Written by

Bruna Pinhoni

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