Carbon Clean raises $150 million led by Chevron – TechCrunch

Carbon Clean raises $150 million led by Chevron – TechCrunch

Carbon Clean, a startup focused on capturing harmful emissions from factories before they enter the atmosphere, has secured a big $150 million Series C funding round led by oil company Chevron.

Aiming to achieve “industrial decarbonisation on a gigatonne scale by the mid-2030s”, Carbon Clean pursues a sector responsible for around a quarter of global greenhouse gas emissions – although the statistic depends how you define “heavy industry”. which includes cement, steel, waste energy and oil refineries.

Carbon Clean says its latest technology – dubbed the CycloneCC – is “10 times smaller” than conventional point-of-source carbon capture equipment and “has the potential” to cut average costs by about half, to about $30 per ton. Small enough to fit inside a shipping container, the CycloneCC sucks in combustion gases, absorbs CO2 via liquid chemicals known as amine scrubbers, then boils the CO2 for storage, say, underground.

Asked about Chevron’s climate reputation, Carbon Clean co-founder and CEO Aniruddha Sharma used a firefighting analogy and added that fossil fuel companies have more in-house expertise on emissions than your typical steel mill or cement plant.

“I say: Look, I am a firefighter and there is a fire. And if I have to start looking at decarbonization as an attempt to put out the fire, I’m going to tackle the biggest fire first, because it needs to be controlled first,” he said. “These companies already have such a large carbon footprint today that, you know, once you start working there, it can already have a big impact.”

Besides Chevron, investors such as cement producer CEMEX, oil and gas giant Saudi Aramco and Samsung Ventures also participated in the deal.

“The table is huge and there just aren’t enough companies doing this stuff,” Sharma said on a call with TechCrunch, saying point-of-source carbon capture capability needs to be multiplied by 40 in the next few years. “Really when I think of competition, my competition is climate change. The clock is ticking,” he said.

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