CarbonCapture
Overview
CarbonCapture Inc., founded in 2019, is a climate technology company focused on developing modular Direct Air Capture (DAC) machines to remove CO2 from the atmosphere. Based in Los Angeles, California, the company has raised $80 million in a Series A funding round, led by Prime Movers Lab, with participation from Amazon's Climate Pledge Fund, Siemens Financial Services, and Aramco Ventures. The company was founded by Bill Gross and is a part of the Idealab incubator.
Recent Developments
- September 2024: CarbonCapture announced it leased a manufacturing facility in Mesa, Arizona, capable of producing enough DAC modules to enable 2 million tons of carbon removal annually. This expansion supports its mission to scale atmospheric carbon removal.
- July 2024: The company partnered with W. L. Gore & Associates to develop advanced sorbents for atmospheric carbon removal, marking a significant step in enhancing the efficiency of DAC technologies.
- March 2024: CarbonCapture raised $80 million in a Series A financing round, attracting major investors including Amazon's Climate Pledge Fund and Siemens Financial Services. Funds are directed towards further technology development and deployment of their modular DAC systems.
- August 2023: Amazon increased its investment in CarbonCapture through its Climate Pledge Fund, reinforcing its commitment to acquiring carbon removal credits, reflecting continued corporate interest in climate tech solutions.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Los Angeles, CA |
| Founders | Bill Gross |
| Revenue | <$5 Million |
| Profits | Not publicly disclosed |
| Key Investors | Amazon, Aramco Ventures, Siemens |
| Industry | Climate Tech, Environmental Services |
| Number of Employees | <200 |
Early History
CarbonCapture Inc. was conceptualized within Idealab, a technology incubator, with the vision to combat climate change via innovative DAC technology. Founded by Bill Gross, an entrepreneur with a focus on climate solutions, the company quickly emerged as a leader in direct air capture innovation. In its formative years, CarbonCapture attracted attention from notable investors, securing funding to fuel research and development of its flagship product, the Leo Series DAC modules.
Company Profile and Achievements
CarbonCapture Inc. specializes in the design and production of DAC machines that are scalable and can be mass-produced. The Leo Series DAC modules are the first of their kind in the U.S., with each module capable of capturing 500 tons of CO2 per year. The business model focuses on selling carbon removal credits, appealing to corporates eager to offset their emissions. Key achievements include recognition by the World Economic Forum as a 2023 Technology Pioneer and securing substantial funding to expand its production capabilities.
Current Operations and Market Position
CarbonCapture operates with a focus on partnering with corporations and government entities to expand the use of DAC technologies. It holds significant market potential due to its scalable module design and partnerships with tech giants seeking carbon removal credits. As one of the primary players in the DAC space, it has a competitive edge with its open systems architecture, encouraging further innovation in carbon sorbents.
Carbon Capture And Storage
Carbon capture and storage (CCS) systems are crucial in mitigating climate change. CCS technology by CarbonCapture focuses on capturing CO2 directly from the atmosphere, utilizing proprietary sorbent materials. The CO2 is then either stored underground or used in various industrial applications, including low-carbon fuel production.
Project Bison Carbon Capture
Originally planned as a significant DAC hub in Wyoming, Project Bison was intended to scale CarbonCapture’s operations to remove 5 million tons of CO2 annually by 2030. However, due to competition for renewable resources, the project is undergoing relocation efforts, with the company actively seeking new sites to maximize its environmental impact.
Conclusion
CarbonCapture Inc. stands as a pivotal player in the direct air capture industry, backed by significant investments and technological innovation. With its ambitious goals and strategic partnerships, the company is well-positioned to lead in the global transition towards large-scale carbon removal solutions. By continually advancing its technology and expanding operations, CarbonCapture is poised to significantly impact efforts towards achieving net-zero carbon emissions.