USA’s CarbonCapture secures $80 million from Aramco, others
USA
LOS ANGELES, March 12, 2024 – US company CarbonCapture has secured USD 80 million from Saudi Aramco and other investors, Reuters reported on Tuesday.
The Los Angeles-headquartered company is developing modular direct air capture (DAC) machines to remove CO2 from the air.
The funding represents one of the largest-ever private investments in DAC, according to the report.
While carbon capture typically takes place at the site of emissions, such as industrial plants, DAC can be deployed anywhere. However, the technology remains the most expensive method of capture as the carbon is diffused, and it is yet to be proven at scale.
“This is exactly what has to happen – this alignment with large industrial partners who have the capacity, the access to capital, the skills to actually scale DAC to a meaningful level,” CarbonCapture CEO Adrian Corless told Reuters.
Image courtesy of CarbonCapture.
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