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Today: May 19, 2024
January 23, 2024
1 min read

Captura’s $215 Million Boost: Revolutionizing Ocean-based Carbon Capture


TLDR

Carbon capture startup Captura has raised $21.5 million in additional funding to commercialize its Direct Ocean Capture technology, which extracts CO2 directly from seawater.

Key Points:

  • Captura has raised $21.5 million in additional funding for its Direct Ocean Capture technology.
  • The technology extracts CO2 directly from seawater to be permanently stored or reused.
  • Captura plans to deploy its technology in large-scale commercial plants that can capture tens of thousands of tons of CO2 annually.
  • New investors in the funding round include Maersk Growth, Eni Next, and EDP Ventures.
  • Captura is developing its third operational pilot plant in partnership with Equinor, with a capture capacity of 1000 tons of CO2 annually.

Carbon capture startup Captura has secured $21.5 million in additional funding to support the commercialization of its Direct Ocean Capture technology. The technology extracts CO2 directly from seawater, allowing for its permanent storage or reuse. Founded in 2021 at the California Institute of Technology, Captura’s Direct Ocean Capture technology aims to amplify the ocean’s natural carbon sequestration capacity by capturing and storing CO2. The process involves pulling in seawater from the ocean, softening it, and utilizing electrodialysis to separate the molecules. The acid that is generated during the separation process is added back into the seawater, converting dissolved carbon into CO2, which is then filtered out and captured. The remaining seawater is balanced with a base and returned to the ocean. Captura currently operates two pilot plants in California and is developing a third plant in partnership with Equinor, planned for installation in Norway in fall 2024. The company’s long-term goal is to establish large-scale commercial plants that can capture tens of thousands of tons of CO2 annually. The latest funding round saw participation from new investors such as Maersk Growth, Eni Next, and EDP Ventures, joining previous investors including Future Planet Capital, Equinor Ventures, and Hitachi Ventures. Captura had previously raised $12 million in its initial funding round in January 2023. The additional funding will help support the company’s ongoing pilot program and the design work for its commercial plants.

Steve Oldham, CEO of Captura, expressed confidence in the company’s ability to bring its technology to market and deliver climate solutions at scale. He highlighted the support from deployment partners and investors, as well as the success of the company’s technology pilot program. One of the new investors, Maersk Growth, sees potential in Captura’s technology to enable and accelerate the journey towards net-zero shipping and logistics. Captura’s Direct Ocean Capture technology offers a promising solution for capturing and mitigating CO2 emissions. With the additional funding, the company can further develop and deploy its technology, contributing to efforts in achieving global climate goals.

Sources: ESG Today


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