A climate technology firm, CarbonCapture, based in the United States, has successfully secured $80 million (Dh293 million) in funding from a variety of investors, notably Saudi Aramco’s venture capital unit.
Prime Movers Lab led the Series A fundraising, with contributions from Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures.
This significant investment, as reported by the news, citing industry tracker PitchBook, represents one of the largest injections of private capital into direct air capture. Headquartered in Los Angeles, CarbonCapture stands at the forefront of this latest major funding round.
The US startup specializes in building direct air capture machines aimed at extracting carbon dioxide from the atmosphere. Leveraging its innovative technology, the company has already pre-sold more than $26 million (Dh 95 million) worth of carbon removal credits to numerous global corporations.
Notable clients include Microsoft, Boston Consulting Group, Alphabet, Meta, Stripe, Shopify, McKinsey & Company, and JPMorgan Chase & Co.
In 2022, Aramco unveiled a $1.5 billion (Dh5.5 billion) fund aimed at investing in technologies that facilitate the energy transition.
Managed by Aramco Ventures, the fund is strategically allocated to support the company’s stated goal of achieving net-zero greenhouse gas emissions by 2050 across its wholly-owned operational assets.
This initiative also involves the development of innovative lower-carbon fuels as part of Aramco’s commitment to sustainability and environmental responsibility.
