Sustaera has announced the closing of $10 million (£7,3m) in its latest financing round for the development of low-cost direct air capture (DAC) technology.
It will use the funding to accelerate its research and development programme and build its first pilot plant.
At scale, Sustaera projects it will capture a ton of CO2 for less than $100 (£73.4)/ton.
Shantanu Agarwal, Co-founder and Chief Executive Officer said: “Sustaera plans to offer commercial DAC systems starting at 10 tons per day that can be multiplied to create facilities capable of capturing thousands of tons of carbon dioxide per day, with a goal of removing 500 million tons cumulatively over the next 20 years.”
The investment round was led by Breakthrough Energy Ventures and Grantham Trust’s Neglected Climate Opportunities.
Carmichael Roberts, Business Lead, Investment Committee, Breakthrough Energy Ventures added: “Sustaera’s technology is positioned to accelerate the deployment of cost-efficient DAC globally using existing supply chains. This is the type of solution we look for, designed to scale quickly and provide a viable economic negative emission pathway.”