Weekly renewables M&A round-up (Sept 26-30)
Sep 30, 2022 15:58 CESTCarbon capture firm Carbo Culture raises USD 6.2m in seed financing
Author: 401(K) 2012 on Flickr, CC BY-SA 2.0
April 19 (Renewables Now) - Carbo Culture, a startup developing a new carbon capture technology has raised USD 6.2 million (EUR 5.2m) in seed financing.
The funding round was led by US venture capital company True Ventures and German firm Cherry Ventures.
The company's technology is based on turning woody residues into functional biocarbons at a high temperature. In the process, carbon dioxide (CO2) is locked into a stable form for over 1,000 years. A tonne of biocarbon contains more than 3.2 tonnes of CO2.
Carbo Culture plans to use the funds for its engineering, research and product development and to expand its team in the US and Finland. The company expects to start the engineering on a technology scale-up in the next months.
The company's ambition is to remove 1 billion tonnes of CO2 from the atmosphere by 2030.
(USD 1.0 = EUR 0.832)
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