Carbon Clean has secured $150 million in funding from Chevron alongside other investors to develop carbon capture solutions.
The company has set a target to deliver one gigatonne of industrial decarbonisation by 2035 and hopes to produce new technology that can help make this a possibility.
Heavy industry accounts for close to 30% of global emissions and carbon capture technologies have been deemed critical in reducing this.
Carbon Clean has captured 1.5 million tonnes of carbon to date.
CEO Aniruddha Sharma said: “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 carbon capture – cost and scale.”