Cleantech Startup Avnos Raises $36 Million in Series A Funding
California-based cleantech startup Avnos announced today that it has successfully raised $36 million in its recent Series A financing round. The funding will be used to support the company’s growth and the expansion of its unique Direct Air Capture (DAC) carbon removal technology. Avnos’ proprietary Hybrid Direct Air Capture (HDAC) solution captures both water and CO2 from the atmosphere using only air, electricity, and solid sorbents. Unlike other DAC solutions, Avnos’ technology does not require water or heat, resulting in lower energy costs and a reduced environmental impact.
Avnos’ Revolutionary Carbon Capture Technology Attracts Multi-Million-Dollar Projects
Since its founding in 2020, Avnos has gained recognition for its innovative HDAC solution and has been awarded multi-million-dollar projects from the U.S. Department of Energy (DOE) and the U.S. Office of Naval Research. The company plans to use the proceeds from its recent funding round to demonstrate its HDAC solution in the field, as well as to pilot CO2 capture and e-fuels production. Avnos’ technology has the potential to play a significant role in tackling climate change and creating positive economic opportunities.
Avnos Plans to Expand and Develop New Research Facility
Avnos intends to leverage the funding it has raised to expand its team, deploy additional HDAC assets in North America and Europe, and establish a dedicated research and development facility near New York City. This expansion will enable the company to further refine its HDAC technology and explore new applications for carbon capture. Avnos is committed to scaling its operations and contributing to achieving gigaton-scale carbon dioxide removal.
NextEra Energy Resources Leads Series A Funding Round
NextEra Energy Resources, one of the leading renewable energy companies, has taken the lead in Avnos’ Series A funding round. Other notable investors include Safran Corporate Ventures, Shell Ventures, Envisioning Partners, and Rusheen Capital Management. This funding builds upon Avnos’ previously announced capital raises and strategic commercial agreements with prominent organizations such as Shell Ventures, ConocoPhillips, JetBlue Ventures, and the Grantham Foundation. The support from these influential investors validates the potential of Avnos’ HDAC technology in the cleantech sector.
Avnos’ CEO Emphasizes Urgency and Potential of HDAC Technology
Will Kain, CEO of Avnos, expressed his belief that the company’s HDAC technology represents the best opportunity to achieve large-scale carbon dioxide removal. Kain emphasized the urgency to roll out HDAC more broadly to capitalize on the significant climate and economic opportunities at stake. Avnos’ groundbreaking approach to carbon capture has attracted the attention of industry leaders and investors alike, positioning the company as a key player in the fight against climate change.
Avnos Charts Path Forward with Series A Funding and Strategic Partnerships
With the successful completion of its Series A funding round and the support of industry leaders like NextEra Energy Resources and Shell Ventures, Avnos is well-positioned to accelerate the development and deployment of its HDAC technology. The company’s plans to expand its operations, establish a dedicated research facility, and continue collaborating with strategic partners emphasize Avnos’ commitment to revolutionizing carbon capture and contributing to a cleaner, more sustainable future.
Analyst comment
Positive news. The market is likely to respond favorably to Avnos’ successful Series A funding round and strategic partnerships. The funding will support their growth and the expansion of their revolutionary carbon capture technology, potentially attracting more projects and opportunities. Expansion plans and the development of a dedicated research facility indicate a commitment to innovation and scaling operations. With influential investors and industry recognition, Avnos is poised to make a significant impact in the cleantech sector.
