Clean technology startup Carbon Clean Solutions Ltd (CCSL) on Tuesday said it has raised $16 million in an equity funding round from WAVE Equity Partners, Chevron Technology Ventures (CTV) and Marubeni Corporation.
WAVE invests in clean energy, food, water and waste, while CTV is the investment arm of oil and energy giant Chevron. Marubeni is a Japanese conglomerate with businesses in food, chemicals, infrastructure, and agriculture, among others.
UK-based CCSL develops affordable carbon capture technology for utilization and storage for steel, cement, refining and petrochemicals, and waste incineration plants.
The investment will be used to deliver an existing pipeline of global projects to reduce industry emissions. CCSL will also invest in the development of containerised solutions to achieve $30/tonne cost of carbon dioxide capture by 2021.
“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 modularized CO2 capture technology to heavy industry," said Aniruddha Sharma, CCSL co-founder and chief executive officer.
“CCSL reduces the cost of carbon capture from industrial emissions by more than half. This is the hardest 25% of greenhouse gas emission to control and this affordable solution turns an economic liability into an asset," said Praveen Sahay, managing director at WAVE.
“It has the potential to unlock markets for profitable at-source CO2 capture and beneficial reuse..," he said.