Avnos, a Los Angeles, CA-based company developing Hybrid Direct Air Capture (HDAC™) technology for carbon dioxide removal, raised funding totalling over $80M.
Backers included ConocoPhillips (NYSE: COP), JetBlue Ventures, the corporate venture capital division of JetBlue (NASDAQ: JBLU), and Shell Ventures LLC.
The company intends to use the funds to accelerate growth and expand its R&D sector to deliver commercial-ready HDAC units by the end of 2025.
Led by CEO Will Kain, Avnos focuses on developing and deploying technology in the Direct Air Capture (DAC) market. Using a moisture-responsive CO2 adsorbent, its Hybrid Direct Air Capture (HDAC™) technology produces water as it captures CO2 and eliminates the need for external heat input. This HDAC approach employs the captured water to drive a novel moisture-responsive CO2 adsorbent material, which eliminates the need for heat, thus reducing the system’s energy consumption.
FinSMEs
13/07/2023