Captura, a Pasadena, CA-based direct ocean capture company, raised US$21.5M in Series A funding.
The round saw participation from Maersk Growth, Eni Next, EDP Ventures, Future Planet Capital, Equinor Ventures, Freeflow Ventures, Hitachi Ventures, Aramco Ventures, mTerra Ventures, and EIC Rose Rock Venture Fund.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Steve Oldham, Captura is a Direct Ocean Capture company that combines technology with the natural carbon removal powers of the ocean to remove CO2 from the atmosphere at large scale and low-cost, providing a critical capability in the fight against climate change. The captured CO2 can be permanently stored or turned into lower GHG emission fuel, providing a flexible and powerful tool to help hard-to-decarbonize sectors reach net zero.
Captura has two operational pilot plants in California and is developing its third in partnership with Equinor. This plant has a capture capacity of 1000 tons of CO2 annually and is planned to be installed in Norway in Fall, 2024. Following this pilot, the company plans to move into large-scale commercial deployments with early plants capturing tens of thousands of tons of CO2 or more annually. The solution has been validated and supported by the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate.
FinSMEs
25/01/2024