The Series C round was led by US-based energy company Chevron and included participation from Saudi Aramco, TC Energy, and others
Carbon Clean has developed an industrial carbon capture technology called CycloneCC. (Credit: marcinjozwiak from Pixabay)
Carbon Clean, a London-based carbon capture solutions provider, has raised $150m in a Series C funding round.
The funding round was led by US-based energy company Chevron, which is also an existing investor of Carbon Clean. Other existing investors CEMEX Ventures, Marubeni, and WAVE Equity Partners also took part.
Besides, the funding round saw the participation of new investors such as AXA IM Alts, Saudi Aramco Energy Ventures, Samsung Ventures, and TC Energy.
Carbon Clean, which had built a relatively new technology called CycloneCC, has so far raised $195m. This includes $30m, which was secured by the point source carbon capture company in a Series B funding round in August 2021.
Chevron new energies CCUS vice president Chris Powers said: “Chevron is proud to lead Carbon Clean’s record Series C funding round, and we look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions.
“We have a long history of supporting the development and commercialisation of breakthrough technologies, and we’re especially excited about the potential for CycloneCC to revolutionise the industrial carbon capture sector.”
Carbon Clean said that the Series C funding will help in its goal of becoming the top provider of carbon capture solutions in the world for heavy industry. The company plans to work together with governments and industrial partners to achieve this by manufacturing and shipping hundreds of standardised, fully modular carbon capture units every year to industrial facilities.
The company claimed that CycloneCC is the smallest industrial carbon capture technology in the world. It has entered into partnerships with Veolia, Chevron, and CEMEX and with the Acorn carbon capture and storage project in the UK as well.
Carbon Clean also has plans to work with Chevron to develop a technology demonstration pilot for testing the CycloneCC technology at one of the latter’s co-generation plants located in San Joaquin Valley, California.
Carbon Clean chair and CEO Aniruddha Sharma said: “Carbon Clean’s vision is to deliver global industrial decarbonisation on a gigatonne scale, and we are now on track to do this by the mid-2030s. We are at the forefront of sector innovation, delivering products that can genuinely change the world.”