TLDR
- Pasadena-based direct ocean capture company, Captura, has raised $21.5 million in Series A funding
- The funding round saw participation from investors including Maersk Growth, Eni Next, EDP Ventures, and Equinor Ventures
Captura plans to use the funding to expand its operations and business reach. The company combines technology with the natural carbon removal powers of the ocean to remove CO2 from the atmosphere, providing a critical tool in the fight against climate change. The captured CO2 can be stored permanently or turned into lower greenhouse gas emission fuel. Captura currently has two operational pilot plants in California and is developing a third in partnership with Equinor. This new plant will have a capture capacity of 1000 tons of CO2 annually and is planned to be installed in Norway in Fall 2024. The company plans to move into large-scale commercial deployments after this pilot, capturing tens of thousands of tons of CO2 or more annually. The solution has been validated and supported by various organizations including the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate.
