Direct Air Capture of Carbon Project Raises Funds to Commercialize

Thursday April 4, 2019

A Canadian company developing Direct Air Capture (DAC) of carbon technology that could help Shipping meet its IMO2030 and IMO2050 GHG targets, has raised USD$68 million as part of its latest round of financing.

Squamish, British Columbia-based Carbon Engineering Ltd. (CE) says the funding is enough to commercialize and enter mainstream markets with its technology that is able to capture and purify atmospheric carbon dioxide (CO2) for under USD$100/tonne.

As Ship & Bunker highlighted in a report last year, DAC technology could provide a promising alternative route for the Shipping industry to deliver on its aggressive GHG reduction goals, particularly while commercially viable low-to-zero carbon alternatives are being developed.

“As the world assesses how to address climate change while keeping economies running with the energy they need, our technology can provide a key part of the solution,” said CE’s Chief Executive Officer, Steve Oldham.

“Our DAC technology has been proven based on extensive testing in our pilot facility, and we’re ready to scale up using existing commercial equipment to deploy reliable and cost-effective facilities. DAC is a viable tool for reducing emissions while continuing to provide affordable energy.”

CE now counts Bill Gates, Chevron, and mining giant BHP among its investors.