Verdox has secured $80 million (£59m) of investment to support the development and deployment of its novel electrochemical carbon capture technology.
The investment comes from a syndicate including Breakthrough Energy Ventures (BEV), Prelude Ventures and Lowercarbon Capital.
Verdox is commercialising its electroswing adsorption (ESA) platform technology, originally developed at MIT, to remove carbon dioxide from industrial emissions and the air, with 70% savings expected compared with conventional approaches.
Dr Brian Baynes, Founder and CEO of Verdox said: “Combating climate change requires the world to prevent further increases in atmospheric carbon dioxide concentrations and eventually return them to pre-industrial levels.
“Many industries, however, still lack a plan for complete decarbonisation, because of the high cost and energy consumption of currently available capture technologies. Unlike these predecessors, Verdox’s technology has the potential to capture carbon from any industrial source or the air – and at up to 70% relative energy savings, giving us the ability to intervene completely.”
Verdox’s approach is also said to eliminate the need for large amounts of heat and water upon which current carbon dioxide solutions rely.
Carmichael Roberts, Business Lead, Investment Committee, BEV added: “The high energy efficiency and scalability of Verdox’s technology could enable the company to play a major role in addressing the carbon removal challenge.
“This innovation has provided a paradigm change for both industrial and air capture – and the Verdox team has made great strides to reduce the concept to economical commercial practice.”