Carbon America Closes $30 M Series A to Scale Up its CCS Tech

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Carbon America, a vertically integrated carbon capture and sequestration (CCS) developer, has secured $30 million in Series A funding to deploy commercial projects and scale up its technology.

Participating investors include the Canada Pension Plan Investment Board (CPP Investments), ArcTern Ventures, Energy Impact Partners, the Grantham Environmental Trust’s Neglected Climate Opportunities Fund, and Golden Properties. The shareholders will also have an option to invest an additional $15 million by April 2022 to support the company’s growth.

“We’re extremely pleased to be joining with an amazing set of financial partners who are committed to climate solutions and who have a sophisticated understanding of the emerging supply chain and economies of scale in carbon capture,” said Alex Lau, Chairman and Co-Founder of Carbon America.

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“Having such strong financial and strategic partners is a key enabler to advance our mission of working with some of the biggest emitters in North America to mitigate their climate impact, capture as much CO2 as possible as quickly as possible, and drive down the cost of carbon capture for the world.”

Carbon America anticipates further announcements regarding project deployment and technology scale-up over the course of 2022.

“As a long-term investor, we believe carbon capture will have an important role to play in the world’s transition to address climate change,” said Bruce Hogg, Managing Director, Head of the Sustainable Energies Group at CPP Investments.

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“Carbon America’s focus on the entire carbon capture and sequestration supply chain makes this investment a good fit for our Innovation, Technologies and Services strategy, in support of our Sustainable Energies program and overall investment mandate.”

“Carbon capture is an increasingly pivotal part of the toolkit for fighting the climate crisis – particularly for really tough sectors like cement and steel – and we’re excited to support such a highly capable team in their pursuit of supercharging growth in this field,” said Tom Rand, Co-Founder and Managing Partner at ArcTern Ventures.

“We believe Carbon America has a new and unmatched level of strategic and savvy thinking on CCS, tremendous technical depth, and we look forward to seeing the impact they bring as they deploy projects and help drive this important industry forward.”

“Carbon capture technology has been around for a long time,” said Hans Kobler, Founder and Managing Partner at Energy Impact Partners. “What’s been missing is the ability to finance, build and operate carbon capture projects, at scale, in an efficient, cost effective way. We think Carbon America has cracked the code on how to deploy CCS projects at scale with their vertically integrated model backed by technical expertise and look forward to seeing the emissions reductions from these projects.”