CARBON capture technology company Carbon Clean Solutions (CCSL) has announced the completion of a US$16m equity investment from three global investors: WAVE Equity Partners, Chevron Technology Ventures, and Marubeni.
The US$16m investment will go towards deploying “containerised” technologies to achieve a carbon dioxide (CO2) capture cost of US$30/t by 2021, increasing the commercial viability of CCSL’s product. Additionally, CCSL will use the investment to deliver an existing pipeline of global projects aiming to lower industrial emissions.
CCSL has showcased its technology at the world’s largest commercially-funded industrial-scale carbon capture and utilisation plant in Tuticorin, India. The 10 MW facility captures coal-fired boiler flue gas to deliver industrial-quality CO2. The company now plans to further expand its customer base.
Praveen Sahay, Founder and Managing Director at WAVE, said: “CCSL can reduce the cost of carbon capture from industrial emissions by more than half. This is the hardest 25% of GHG emissions to control, and this affordable solution turns an economic liability into an asset. It has the potential to unlock hundreds of billions of markets for profitable at-source CO2 capture and beneficial reuse, and change the industry debate from an ethical and political imperative to a free-market driven financially-rational decision. WAVE is truly excited to be working with the bright and innovative team of CCSL.”
Aniruddha Sharma, CEO of CCSL, said: “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 modularised CO2 capture technology to heavy industry.”
“Our investors are active participants in helping to develop and scale carbon capture utilisation and storage solutions. We look forward to collaborating closely with them to advance our technology and deliver real impact, on a gigaton, or one billion ton, CO2 abatement scale.”
Eiji Okada, Chief Operating Officer of Plant Division at Marubeni, said: “We strongly believe that this breakthrough technology enables us to realise circular economy, maximising the value of CO2 as the resources.”
According to CCSL, affordable carbon capture and storage technology has a critical role to play in the transition to a low-carbon energy future. The company believes that renewables alone cannot help the world achieve net zero emissions targets whilst meeting the energy needs of a “fast-growing global population still largely reliant on fossil fuels”.
WAVE Equity Partners provides early growth equity to clean energy, food, waste, and water companies; Chevron Technology Ventures pursues and champions the deployment and adoption of business solutions and externally developed technologies that could benefit Chevron’s core business operations; and, conglomerate Marubeni invests externally.
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