EDAC Labs, a Baltimore, MD-based decarbonisation company providing electrosynthesizer devices, raised $3M in Seed funding.
The round was led by Grantham Foundation for the Protection of the Environment, and angel investors.
The funding will enable the company to scale and demonstrate its technology at one ton per day of carbon dioxide capture by the end of 2024.
Founded by James Lavin, CEO, Brian Toll, COO, and Johns Hopkins Associate Professor Chao Wang, CTO, EDAC Labs uses the electrochemical production of acid and base to decarbonize through conventional direct air capture, enabling carbon-negative mining, and by providing technology for other applications such as direct ocean capture, ocean alkalinity enhancement, and enhanced weathering. Its technology is low cost and operates at ambient temperature and pressure. For metal mines, EDAC Labs offers technology that extracts valuable metals while sequestering carbon to achieve carbon-negative mining. For direct ocean capture, ocean alkalinity enhancement, and enhanced weathering developers, the company supplies electrochemistry solutions to developers that lower project costs.
FinSMEs
15/08/2023