Investment Round and Participants
Captura recently concluded a funding round with notable 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.
Purpose of Funding
The secured funds are earmarked for the expansion of Captura’s operations and the broadening of its business reach.
This strategic investment is anticipated to fortify the company’s position in the market.
Captura’s Mission and Technology
Under the leadership of CEO Steve Oldham, Captura stands out as a Direct Ocean Capture company.
Its distinctive approach combines advanced technology with the natural carbon removal capabilities of the ocean to address the global challenge of carbon dioxide (CO2) removal.
By operating at a large scale and low cost, Captura plays a pivotal role in the ongoing battle against climate change.
Carbon Removal and Transformation
The primary function of Captura’s technology is to extract CO2 from the atmosphere.
The captured CO2 can then be stored permanently or converted into lower greenhouse gas (GHG) emission fuel.
This dual capability offers a flexible and potent tool, particularly beneficial for sectors that face challenges in achieving net-zero emissions.
Operational Presence and Expansion Plans
Currently, Captura boasts two operational pilot plants in California.
In collaboration with Equinor, the company is actively developing its third pilot plant, projected to have a capture capacity of 1000 tons of CO2 annually.
This facility is slated for installation in Norway in the fall of 2024.
Following the successful implementation of this pilot, Captura envisions transitioning to large-scale commercial deployments.
These early plants are expected to capture tens of thousands of tons of CO2 or more annually.
The company’s ambitious expansion plans align with the validated and supported nature of its solution, backed by the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate.
As of January 25, 2024, Captura stands well-positioned to advance its mission, thanks to the support garnered in this funding round.
The collaboration with influential investors propels the company toward achieving its goals of sustainable carbon removal and contributing significantly to the global fight against climate change.
Business News