Avnos, a Los Angeles, CA-based company developing novel hybrid direct air capture (HDAC™) technology for carbon dioxide removal, raised $36M in Series A funding.
The round was led by NextEra Energy, with participation from Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management.
The company intends to use the funds to grow its team, deploy additional HDAC assets across North America and Europe, and open a new, state-of-the-art research and development facility located just outside New York City.
Led by CEO Will Kain, Avnos produces water as it captures carbon dioxide from the air, making it the most resource-efficient and therefore cost-effective technology available on the market today. Designed to be licensed and deployed by companies committed to decarbonization – from energy companies to carbon utilization to project developers – Avnos allows customers to easily set up and manage their own direct air capture program regardless of geography and bring resources back into the communities where they operate. The company has been awarded multi-million-dollar projects from the U.S. Department of Energy to demonstrate its HDAC solution in the field, and from the U.S. Office of Naval Research to pilot CO2 capture and e-fuels production.
Commenting on the news, Will Kain said: “We feel the urgency to roll out HDAC more broadly so as to deliver on the enormous, positive climate and economic opportunities in front of us. With this substantial funding, Avnos continues to expand its unparalleled roster of partners supporting our rapid acceleration.”
FinSMEs
06/02/2024