Captura Raises $21.5M in Series A Funding for Direct Ocean Capture Technology
Captura, a Pasadena-based direct ocean capture company, has secured $21.5 million in Series A funding. The round saw participation from a range of investors including Maersk Growth, Eni Next, EDP Ventures, and Equinor Ventures. The company will use the funds to expand its operations and business reach.
Expanding Operations and 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. Their goal is to remove CO2 from the atmosphere at a large scale and low cost, providing a critical contribution to the fight against climate change. The captured CO2 can be permanently stored or turned into lower GHG emission fuel.
Captura currently operates two pilot plants in California, and they are developing a third in partnership with Equinor. This new plant, planned to be installed in Norway in the fall of 2024, will have a capture capacity of 1000 tons of CO2 annually. After the successful implementation of this pilot, Captura plans to move into large-scale commercial deployments, capturing tens of thousands of tons of CO2 or more annually.
Validated Solution with Prominent Support
Captura’s direct ocean capture technology has been validated and supported by various organizations, including the Musk Foundation’s Carbon Removal XPRIZE, the Department of Energy’s ARPA-E, and Frontier Climate. This endorsement showcases the effectiveness and potential of Captura’s technology in addressing the global climate crisis.
Contributing to Hard-to-Decarbonize Sectors
The ability to efficiently capture and remove CO2 from the atmosphere is crucial for hard-to-decarbonize sectors to reach net zero emissions. Captura’s technology offers a flexible and powerful tool, enabling these sectors to significantly reduce their greenhouse gas emissions. By permanently storing or converting captured CO2 into lower emission fuel, Captura provides a viable solution for industries struggling to decarbonize.
Stepping Towards a Sustainable Future
With the newly secured Series A funding, Captura is poised to greatly expand its reach and make a meaningful impact in the fight against climate change. By leveraging direct ocean capture technology, the company aims to remove significant amounts of CO2 from the atmosphere, contributing to a more sustainable future for all.
Conclusion
Captura’s successful funding round and its innovative direct ocean capture technology highlight the growing importance of carbon removal in the fight against climate change. By capturing CO2 at a large scale and low cost, Captura’s solution offers a powerful tool for hard-to-decarbonize sectors and helps bring them closer to achieving net zero emissions. With plans for large-scale commercial deployments, Captura is set to play a significant role in the global effort to combat climate change.
Analyst comment
Positive news. The market for direct ocean capture technology is expected to grow as Captura secures $21.5M in Series A funding. With expanded operations and the validation of their technology, Captura is well-positioned to play a significant role in reducing CO2 emissions and addressing the global climate crisis. The market for carbon removal solutions is likely to increase as more industries look for ways to decarbonize and achieve net zero emissions.
